2.6 Real vs. Nominal GDP
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6 Terms
1
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Real GDP Formula
= [(nominal GDP)
/(GDP deflator)] * 100
2
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GDP deflator Formula
= [(nominal GDP)
/(Real GDP)] * 100
3
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Real GDP per capita Formula
= [(Year 1 Real GDP)
/(Population in Year 1)]
4
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Inflation Rate Formula
= 100 * [(GDP deflator Year 2) - (GDP deflator Year 1)]
/ (GDP deflator Year 1)
5
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GDP Formula (most basic form)
= Poutput * Qoutput
6
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Developing Countries experience this
Real GDP per Capita fell (standard of living)
Output Growth was positive (GDP growth)
Note 
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