ECON 0110 Lecture Notes - Lecture 2: National Bureau Of Economic Research, Html Element, Economic Report Of The President

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Value things in 2000 with 2000 prices, 2017 things with. Nominal- dollar value changes year to year. Maybe we made more stuff or maybe prices rose. If prices stay constant then the nominal gdp is accurate. The dollar value of final output of goods and services produced in the united states. The growth rate of nominal gdp is a deceptive indicator or economic growth. When we calculate nominal gdp inflation is included. We wanted to remove the inflation in order to establish the same prices and calculate the real gdp this does not mean that this is a real gdp. Real gdp should just be called base adjusted real gdp. year year 0 use those prices for every year you"re looking at. Use the same quantities with different prices, because of price changes/inflation. I want to value all the things from various years.

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