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In a Caste System of Social Stratification

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In a caste system of social stratification


Definitions:

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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