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. 700 word count .

1. 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

2. 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.
700 word count