ECO 372 Week 1 Individual Assignment Term Definition Paper

Prepare a 700- to 1,050-word paper in which you define the following terms:

Gross domestic product (GDP)

Real GDP

Unemployment rate

Inflation rate

Interest rate

Explain how the circular flow diagram illustrates the interaction of households, government, and business. Also, describe how current economic conditions affect your organization or one with which you are familiar. Identify the most important economic indicator affecting your organization and explain why.

Format your paper consistent with APA guidelines.

Gross domestic Product GDP is a measure of a country's economic output. It is the market value of all final goods and services made in the borders of a country within a year. It is often positively correlated with the...