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Ch 23-24


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Real interest rate
interest rate corrected with effects of inflation
Gov purchases
spending on g & s by local, states, and federal govs
GDP Deflator
measure of price level calculated as ratio of nominal GDP to real GDP
Nominal GDP
production of g & s valued at current prices
measure of overall cost of g & s bought by typical consumer
Producer price index
measure of cost of basket of g & s bought by firms
spending by households on g & s with exception of purchases of new housing
spending on capital equipment, inventories, and structures, including household purchases of new housing
Real GDP per capita (person)
Tells us income and expenditure of the avg person in economy (measure of economic well-being)
Inflation rate
percentage change in price index from proceeding period
Nominal interest rate
interest rate as usually reported without correction of the effects of inflation
Real GDP
production of g & s valued at constant prices
market value of all final g & s produced within a country in given time period

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