ECO 372 Fundamentals of Micromanagement

Write a 700- to 1,500-word paper summarizing the results.

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.