Nominal GDP, Real GDP, GDP per capita
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5 Terms
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Nominal GDP
The total number of goods and services produced
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Real GDP
Nominal GDP adjusted for inflation
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GDP per Capita
GDP divided by population (used for standard of living)
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Formula for Real GDP
Real GDP = Nominal GDP/R
GDP = Gross domestic product
R = GDP deflator
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GDP
Gross Domestic Product is the total market value, expressed in dollars, of all final goods and services produced in an economy in a given year
Note 
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