Describe how each of these activities affects government

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Reference no: EM13246087

Part I

Describe the following ternis in your own words.
. 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.

Reference no: EM13246087

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