Part 1Describe the following terms in your word. Provide real worldexamples (cite your source). Gross domestic product (GDP) Real GDP Nominal GDP Unemployment rate Inflation rate Interest ratePart 2Consider the following examples of economic activities: Purchasing of groceries Massive layoff of employees Decrease in taxesDescribe how each of these activities affects governmenthouseholds and businesses. Describe the flow of resources from oneentity to another for each activity.Write a 700- to 1500-word paper summarizing the results.