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What is informed consent?
Income Approach
A method of calculating GDP by adding up all incomes within the economy, including wages, interest, profits, and rents.
Expenditures Approach
A method of calculating a country's Gross Domestic Product (GDP) by summing all its spending on final goods and services during a specific period.
Real GDP
The measure of the value of all final goods and services produced within a country in a specified period, adjusted for inflation, reflecting the true economic health of a country.
Inflation
The upward trend in the average pricing of goods and services, narrowing the scope of purchasing capacity.
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