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ECO 372 Week 2 - Fundamentals of Macroeconomics

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  • Week 2 Fundamentals of Macroeconomics (750+ words in perfect APA formatting)
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Excerpt of ECO 372 Essay

Macroeconomics is the discipline of measuring the interactions between businesses, communities, and governments on a large scale. Gross domestic product is an important measure of a countries output to the global economy. GDP is an essential measure of a country’s economic health and an very important principle of macroeconomics. The formula to calculate GDP is listed below:

Goods produced + Service rendered + Government Spending + (Exports) - (Imports) = GDP..... + over 700 words on the full essay. 

Assignment Instructions:

Describe the following terms in your words. Use the textbook as your guide: 
  • 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.

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