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19: Measuring Output and Income
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19.1: Measuring Output Using GDP
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Gross domestic product is the market value of all final goods and services produced within the national borders of a country for a given period of time.
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19.2: Other Measures of Output
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A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region.
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19.3: Comparing Real and Nominal GDP
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Real GDP growth is the value of all goods produced in a given year; nominal GDP is value of all the goods taking price changes into account.
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19.4: Cost of Living
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Inflation is a persistent increase in the general price level, and has three varieties: demand-pull, cost-push, and built-in.