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Eco372

In: Business and Management

Submitted By zambezi1
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8 issues found in this text Report generated on Fri, Mar 7 2014 02:25 PM

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Definitions GDP (Gross Domestic Product), which is the total value of all the products and services produced by a country within a given year less the net income from investments in other countries. 1 Real GDP is the GDP once changes in inflation have been taken into account once that has 2 3 been done you are left with the "Real GDP". Nominal GDP is the current market value of the nation's GDP. Unemployment Rate is an estimated percentage of people that qualify as 4 unemployed as long as certain guidelines are met under the rules. Inflation Rate is a term that 5 6 is used that refers to the rise in prices in a given product or service over a given time period . Interest rate is a monthly or yearly charge a lender puts on a loan to a borrower. The rate is in most cases a percentage of the total amount of the loan. In the purchasing of groceries, a household needs to add this to the overall budget of running the house. It is a need of the household and must 7 be budget for , or a family might not have the money needed for the purchase. The company that sells the groceries counts on the consumer to buy from his/her store and has a goal 8 of the number of product he/she must sale to remain open. The government also needs to buy groceries for the military and other area in which they serve food. The government buys much differently than a family as the government buy in large quintiles and makes deals direct with vendors or farmers. A Family does go to a store and relays on the store to have the needs of the family. If a store fails to do so, then the family must

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