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Nominal GDP
The gross domestic product measured at current market prices, without adjusting for inflation, reflecting the value of all goods and services produced.
Price Level
Refers to the average of current prices across the entire spectrum of goods and services produced in the economy.
Production
The process of combining various material inputs and immaterial inputs (plans, knowledge) to make something for consumption.
Real GDP
Gross Domestic Product adjusted for inflation, providing a more accurate measure of an economy's size and growth rate over time.
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