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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.




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