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What is paraphrasing and why is it important in negotiating?
Nominal GDP
The gross domestic product measured at current market prices, without adjusting for inflation or deflation.
Real GDP
Measures the value of all final goods and services produced within a country in a given period, adjusted for inflation.
GDP Deflator
An economic metric that converts output measured at current prices into constant-dollar GDP, deflating out the effects of inflation.
Nominal GDP
The gross domestic product measured at current market prices, not adjusted for inflation, representing the value of all finished goods and services produced within a country's borders in a specific time period.
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