Real output and potential output
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What is the difference between real output and potential output?
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Solution Summary
This solution explains what both real output and potential output is, explaining their differences using international examples and also explains the consequences of each.
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The real output is the combined value of the production of goods and services in a country, measured in some inflation-adjusted unit (for example, in equivalent dollars of year 2000), so as to not confuse an actual increase in ...
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