Describe flow of resources from one entity to other activity

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Reference no: EM13813755

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

Reference no: EM13813755

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