ECO 372 Week 2 Individual Fundamentals of Macroeconomics Paper

Part 1

Describe the following terms in your word. Please note that I’m not asking for your opinion(s) but rather to offer a description of the terms verbatim or in your own words based on what you have learned from reading the text, electronic reserve readings, other scholarships/research.  

• Gross domestic product (GDP)
• Real GDP
• Nominal GDP
• Unemployment rate
• Inflation rate
• Interest rate