fundamentals of microeconomics

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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

 

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