# MEASURING GDP AND CHAPTER ECONOMIC GROWTH

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GDP or gross domestic product, is the market value of all final goods and services produced in a country in a given time period. This definition has four parts: ... years to link real GDP back to the base year’s prices. Real GDP and the Price Level Item Quantity Price 2002 Balls 100 \$1.00 Balls 160 \$0.50 Bats 20 \$5.00 2003

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