1. Appendix to Chapter 1
Defining Aggregate Output, Income, the Price Level, and the Inflation Rate

2. Aggregate Output and Aggregate Income
Gross Domestic Product (GDP) = market value of all final goods and services produced in the domestic economy during a particular year
Aggregate Income
Total income of the factors of production (land, capital, labor) during a particular year
Distinction Between Nominal and Real
Nominal = values measured using current prices
Real = quantities measured with constant prices
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3. Aggregate Price Level
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4. Growth Rates and the Inflation Rate
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