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Gross domestic product and real gdp

Question:

Prepare a 700 word paper in which you define the following terms:

a. Gross Domestic Product (GDP)

b. Real GDP

c. Unemployment rate

d. Inflation rate

e. Interest rate

In your paper, explain how the circular flow diagram illustrates the interaction of households, government, and business. Also, describe how current economic conditions are effecting your organization or one which you are familiar. Identify the most important economic indicator affecting your organization and explain why.

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Macroeconomics: Gross domestic product and real gdp

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