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