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Krugman AP Macroeconomics Chapter 11

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Subject: 
Economics
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National accounts
economics
Econometrics
Gross domestic product
macroeconomics
Real gross domestic product
Measuring GDP
Real versus nominal value
Real versus nominal value
inflation
Economic growth
GDP deflator
Business
behavior
Human development
Computing
Computer file formats
Electronic documents
Interpersonal relationships
Psychoanalysis
Human behavior
Portable Document Format
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Chapter 11: Interpreting Real Gross Domestic Product ? -The difference between real GDP and nominal GDP -Why real GDP is the appropriate measure of real economic activity ? GDP: a measure of the size of the economy represents increase in prizes of goods and services rather than an increase in output provides a good way to compare the size of different economies but not a good measure of the economy?s growth over time can grow to economic expansion or just inflation Real GDP: measures actual changes in aggregate output/ adjusted for price changes total value of all final goods and services produced during a given year calculated using the prices of a selected base year (assumed prices stay constant)

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