ECO 372 Week 2 Individual Assignment Fundamentals of Macroeconomics Pa


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ECO 372 Week 2 Individual Assignment Fundamentals of Macroeconomics Paper

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ECO 372 Week 2 Individual Assignment Fundamentals of Macroeconomics Paper

Prepare a two-part, 700- to 1,500-word paper in which you: (1) define a set of economic terms and (2) analyze the circular flow model.

Resources: Figure 3-1 in Ch. 3 of Macroeconomics, Bureau of Labor Statistics web site, Bureau of Economic Analysis web site, and St. Louis Federal Reserve web site at http://research.stlouisfed.org/fred2/.

Use the phrases shown below in blue as first-level headings for your paper. Your paper should include the following:

Part 1

~ Definitions of Economic Indicators. Define the following economic terms/indicators. Only use definitions found in our course text or definitions found on the web sites of agencies, such as the Bureau of Labor Statistics and the Bureau of Economic Analysis, which compile the indicators. Do not use definitions found on online dictionaries or online encyclopedias.

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

Part 2

~ Circular Flow Model. Describe how each of the following activities affects government entities, households, and businesses. Describe the flow of resources from one entity to another for each activity.

· Purchasing of groceries.
· Massive layoff of employees.
· Decrease in taxes.

~ Include a conclusion that discusses why business managers should have a solid understanding of economic indicators and the circular flow model. Also, see the note, Introductions and Conclusions, which is posted in the Main forum for more information on conclusions.

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