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What Is the Difference Between Real and Nominal GDP

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What is the difference between real and nominal GDP?


Definitions:

Group Norms

The shared expectations and rules that guide the behavior of members within a group.

Public Compliance

The act of conforming to the expectations or demands of others in open settings, often to fit in.

Private Acceptance

The genuine internalization and embracing of a particular belief or attitude, often as a result of social influence.

Pluralistic Ignorance

Looking to others for cues about how to behave, while they are looking to you; collective misinterpretation.

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