Eco 372 Fundamentals Of Macroecomincs Pin It Describe The Following

ECO 372 Fundamentals of Macroecomincs

[Pin It]

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 700- to 1,500-word paper summarizing the results.