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What differentiates generations from age cohorts?
Real GDP
Represents the total economic output of a country, adjusted for inflation, measuring the value of all goods and services produced over a specific time period.
GDP
Gross Domestic Product, which measures the total value of all goods and services produced within a country's borders in a given time period, used as a broad indicator of economic health.
Price Level
Denotes the mean of present prices for all types of goods and services produced in the economy.
GDI
Gross Domestic Income, which measures a country's total income earned from its economic activities, including wages, profits, and taxes minus subsidies.
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