Real GDP output refers to the total value of all goods and services produced within an economy, adjusted for inflation. It measures the actual output of an economy over a specific period.
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Nominal GDP: Nominal GDP is the total value of all goods and services produced within an economy without adjusting for inflation.
Aggregate Demand: Aggregate demand represents the total amount of goods and services that consumers, businesses, government, and foreigners are willing to purchase at different price levels.
Economic Growth: Economic growth refers to an increase in real GDP over time. It indicates that an economy is expanding and producing more goods and services.