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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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