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Last updated 9:53 AM on 8/10/22

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Real GDP

________ tells us what the value of output is if there are no price changes in the economy (constant prices)

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Nominal GDP

________ is the value of output expressed in prices of the day (current prices)

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Economic growth

________ is the increasing capacity of the economy to satisfy the needs and wants of the population.

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Macro economic benefits

full employment