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Part 1

 

 

 

Describe the following terms in your word.

 

 

 

·         Gross domestic product (GDP)

 

·         Real GDP

 

·         Nominal GDP

 

·         Unemployment rate

 

·         Inflation rate

 

·         Interest rate

 

 

 

Part 2

 

 

 

Consider the following examples of economic activities:

 

 

 

·         Purchasing of groceries

 

·         Massive layoff of employees

 

·         Decrease in taxes

 

 

 

Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.

 

 

 

Write a  1,100-word paper summarizing the results