Write a 700.docxWrite a (700- to 1,500-word essay) paper summarizing the results. Describe the following terms in your word.(no word for word definitions, must be in own words) · Gross domestic product (GDP) · Real GDP · Nominal GDP · Unemployment rate · Inflation rate · Deflation · Interest rate Part 2 Consider the following examples of economic activities: · Purchasing of groceries · Massive layoff of employees · Decrease in taxes Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity. How would you apply the lesson(s) learned into your business? I actually own a t-shirt and Decal business Use a minimum of 6 references.