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Inflation
A general increase in prices and fall in the purchasing value of money over time.
Real GDP
Real Gross Domestic Product, indicating the total value of all produced goods and services in an economy for a year, adjusted to account for inflation, thereby showing true economic value.
Price Level
Calculating the average price across every good and service in the economy's production.
GDP Deflator
A measure of the level of prices of all new, domestically produced, final goods and services in an economy in a year, used to deflate or adjust GDP for inflation.
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