Resource:Figure 3-1 in Ch. 3 ofMacroeconomics.Writea minimum of a 800-word paper

Resource:Figure 3-1 in Ch. 3 ofMacroeconomics.Writea minimum of a 800-word paper in which you:1. Describethe following terms in your own words.Gross domestic product (GDP)Real GDPNominal GDPUnemployment rateInflation rateInterest rate2. Considerthe 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.Be sure to format your paper in accordance with APA guidelines. You must cite and reference all sources used including the textbook and even if you are paraphrasing material (putting it in your own words).Submityour paper and the Certificate of Originality as separate documents to the Assignments page.