IndividualFundamentals of Macroeconomics PaperResource:Figure 3-1 in Ch. 3 ofMac

IndividualFundamentals of Macroeconomics PaperResource:Figure 3-1 in Ch. 3 ofMacroeconomics.Part 1Describethe following terms in your words.Gross domestic product (GDP)Real GDPNominal GDPUnemployment rateInflation rateInterest ratePart 2Considerthe following examples of economic activities:Purchasing of groceriesMassive layoff of employeesDecrease in taxesDescribehow each of these activities affects government households and businesses. Describe the flow of resources from one entity to another for each activity.Writea 700- to 1500-word paper summarizing the results.