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By the end of this section, you will be able to:Contrast nominal GDP and real GDPExplain GDP deflatorCalculate real GDP based on nominal GDP values
- Subject:
- Applied Science
- Economics
- Material Type:
- Module
- Author:
- OpenStax College
- Date Added:
- 07/18/2021
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By the end of this section, you will be able to:Explain how we can use GDP to compare the economic welfare of different nationsCalculate the conversion of GDP to a common currency by using exchange ratesCalculate GDP per capita using population data
- Subject:
- Applied Science
- Economics
- Material Type:
- Module
- Author:
- OpenStax College
- Date Added:
- 07/18/2021
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By the end of this section, you will be able to:Discuss how productivity influences the standard of livingExplain the limitations of GDP as a measure of the standard of livingAnalyze the relationship between GDP data and fluctuations in the standard of living
- Subject:
- Applied Science
- Economics
- Material Type:
- Module
- Author:
- OpenStax College
- Date Added:
- 07/18/2021
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This module covers:Measuring the Size of the Economy: Gross Domestic ProductAdjusting Nominal Values to Real ValuesTracking Real GDP over TimeComparing GDP among CountriesHow Well GDP Measures the Well-Being of Society
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By the end of this section, you will be able to:Identify the components of GDP on the demand side and on the supply sideEvaluate how economists measure gross domestic product (GDP)Contrast and calculate GDP, net exports, and net national product
- Subject:
- Applied Science
- Economics
- Material Type:
- Module
- Author:
- OpenStax College
- Date Added:
- 07/18/2021
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By the end of this section, you will be able to:Explain recessions, depressions, peaks, and troughsEvaluate the importance of tracking real GDP over time
- Subject:
- Applied Science
- Economics
- Material Type:
- Module
- Author:
- OpenStax College
- Date Added:
- 07/18/2021
Unrestricted Use
CC BY
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By the end of this section, you will be able to:Interpret a circular flow diagramExplain the importance of economic theories and modelsDescribe goods and services markets and labor markets