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The main difference is that ,for values of real GDP are adjusted for inflation while values of nominal GDP are not i.e REAL GDP = NOMINAL GDP/ DEFLATOR ; where deflator = 1+ inflation relationship between the real GDP and the business cycle?
Expansion phase - a sustained phase with a rising GDP Recessive phase - A sustained period in which GDP is falling. Thus a biness cycle is a series of expansion and contraction of GDP through peaks , expansion, troughs ,and rescession
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Aug 10th, 2015
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