Fundamentals of Macroeconomics Paper
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.

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