ECON102 Chapter Notes - Chapter 20: Gross Domestic Product, Political Freedom, Environmental Quality

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ECON102 Full Course Notes
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Gdp is calculated as 1i price1i x quanity1i. If, in the following year, gdp increased, it is possible that either price increase or quanity increased, or both. We want to measure changes in producion only. We want a igure for gdp that is adjusted for price . So that we can compare gdp igures over ime. The simple calculaion is called nominal gdp ( 1i price1i x quanity1i) Real gdp is output valued at constant (base year) prices. Leisure ime another desirable economic goal that is not valued in gdp.

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