Applications of real GDP

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Intros
Lessons
  1. Comparing Standard of Living from Two Different Years
    • Real GDP per person
    • Comparison of Real GDP per person in 2 different years
    • Ratio of Real GDP per person
  2. Comparing Standard of Living Over Time
    • Growth of Potential GDP
    • Fluctuation of Real GDP
    • Business Cycle
  3. Comparing Standard of Living Across Countries
    • Market Exchange
    • Comparison of GDP across countries
    • Purchase Power Parity
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Examples