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Identify/define and explain the significance of the following: War of Spanish Succession.
Real GDP
Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced within a country in a given period, reflecting the actual productivity.
Price Level
A comprehensive average of prices for all goods and services within the economic output.
Inflation
The surge in the overall pricing structure for goods and services, undermining the efficiency of spending.
Goods and Services
The outputs produced by the economy, where goods are tangible objects and services are intangible offerings that satisfy consumer needs or wants.
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