Explain the interaction of households and government

Assignment Help Macroeconomics
Reference no: EM1329940

Economics - Definition of Common Terms

Please help with the following:

1. Define the following terms:

Gross Domestic Product (GDP)
Real GDP
Unemployment rate
Inflation rate
Interest rate

2. Explain how the circular flow diagram illustrates the interaction of households, government, and business.

Answer should be approx. 700-800 words in length.

 

Reference no: EM1329940

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