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Anthony Fadly 1 year ago
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- [April 9 - Efficiency](apr9-efficiency.md)
- [April 13 - Externalities](apr13-externality.md)
- [April 18 - GDP](apr18-gdp.md)
- [April 20 - GDP continued](apr20-gdp2.md)

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# April 20 - Real vs Nominal GDP

- Nominal GDP is based on the prices of goods at the dollar price it
was sold for in the year it was produced (watch out for inflation)

- Real GDP takes the Nominal GDP from multiple years and compares them

## Standard of Living

- Standard of Living is the level of material wealth as measured by the
consumption of goods and services

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