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GDP Deflator
An indicator used to determine the price levels of newly produced domestic final goods and services, assisting in the conversion of nominal GDP to real GDP.
Real GDP
Gross Domestic Product corrected for inflation, giving a truer depiction of the size of an economy and its growth trajectory over time.
Nominal GDP
The gross domestic product calculated at current market prices, without adjusting for inflation.
Transfer Payments
Payments made by the government to individuals or other entities without the government receiving any goods or services in return, such as welfare benefits or social security.
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