Fundamentals of Macroeconomics Paper

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.