Economics 372: Week 2 Individual Assignment
$17.50
Describe the following terms in your words. Use the textbook as your guide:
- 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.
4 Pages