Gross Domestic Product

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what does GDP stand for? Gross domestic product
What does GDP measure? GDP measures the total value of all final goods and services produced in an economy over a given time
why are intermediate goods excluded from GDP? Intermediate goods are excluded from GDP because their inclusion would involve double counting
In years with inflation, nominal GDP increases ________ than real GDP faster than real GDP
Calculating GDP has what two approaches? The Expenditure Approach and the Income Approach
What factors influence GDP? Aggregate Supply and Aggregate Demand
What is Nominal GDP Nominal GDP is GDP measured in today's prices, i.e., without being adjusted for inflation by a GDP deflater
What is Real GDP? Real GDP is measured in Prices that are constant because they are corrected for inflation i.e., (nominal GDP/GDP deflator)

what does GDP stand for?

What does GDP measure?

why are intermediate goods excluded from GDP?

In years with inflation, nominal GDP increases ________ than real GDP

Calculating GDP has what two approaches?

What factors influence GDP?

What is Nominal GDP

What is Real GDP?

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