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15_ECO 372 Week 2 - Fundamentals of Economics Paper
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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.


Write a 700- to 1,500-word paper summarizing the results.



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