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ECO 372 Week 2 Individual Assignment Fundamentals of Macroeconomics Paper

ECO 372 Week 2 Individual Assignment Fundamentals of Macroeconomics Paper

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ECO 372 Week 2 Individual Assignment 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:

  1. Purchasing of groceries
  2. Massive layoff of employees
  3. Decrease in taxes
  4. Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.

Writea 700- to 1,500-word paper summarizingthe results.

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