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Flashcards in Money Quiz Deck (8)
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1

GDP

Gross domestic product

2

Real gdp

Accounting for changes over the years

3

Nominal gdp

The gdp as it is in the moment

4

Money

A neutral means of exchange

5

fallacy of misplaced precision

The price is not as reliable

6

Economic growth

An increase in real GDP

7

3 parties involved in money creation

Federal reserve system
Banks
Consumers

8

What is one thing GDP cannot due?

Wealth distribution or quality of life