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In a caste system of social stratification
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in real terms.
Nominal GDP
The gross domestic product measured at current market prices, without adjusting for inflation.
Price Levels
The overall mean cost of the wide spectrum of goods and services in the economy.
Real GDP
Gross Domestic Product adjusted for inflation, representing the value of all goods and services produced over a specific time period at constant prices.
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