Macro: Unit 1.3 -- Real and Nominal GDP
Hey Everyone! I'm Mr. Willis, and You Will Love Economics!
In this video, I will:
Compare and contrast nominal and real GDP
Identify the standard of living and real GDP per capita
Discuss the factors that can contribute to varying real GDPs around the world
Practice calculating nominal and real GDP and analyze economic growth and contraction
Investigate changes in the standard of living
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