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How each of these activities affects government, households, and businesses

Individual Assignment Week Two
Fundamentals of Macroeconomics Paper
Resource: Figure 3-1 in Ch. 3 of Macroeconomics.
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.


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