Q. Describe the following terms in your word.
• Gross domestic product (GDP)
• Real GDP
• Nominal GDP
• Unemployment rate
• Inflation rate
• Interest rate
Following are the 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.