Examlex
What are two components of aggregate expenditures in a closed private economy?
Inflation Rate
The rise in the average price level of goods and services within an economy throughout a specific time frame.
Calculating GDP
The process of determining the Gross Domestic Product of a country, usually by adding up total consumer spending, investment, government spending, and net exports.
Constant Dollar
A term used to describe the value of currency after adjusting for inflation, reflecting purchasing power across different time periods by removing the effects of price changes.
Current Dollar
A term used to describe the nominal monetary value of goods, services, or financial assets at the current time, without adjustment for inflation.
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