Examlex
What is the traffic-cop analogy?
Inflation
The acceleration in the general cost levels of goods and services, causing a decline in the ability to acquire.
Real GDP
Real Gross Domestic Product (GDP) measures the value of all final goods and services produced within a country in a given period, adjusted for inflation.
GDP
Gross Domestic Product, the total market value of all final goods and services produced within a country in a given time period.
Current Dollars
A term referring to the value of money not adjusted for inflation, representing the nominal value of economic transactions based on current prices.
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