Elucidate how the circular flow diagram also explain the, Ask an Expert

Economics

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.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9205310

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