Describe the following terms in your word.
- Gross domestic product (GDP)
- Real GDP
- Nominal GDP
- Unemployment rate
- Inflation rate
- Interest rate
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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