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Deffense [45]
2 years ago
15

The nominal value of any economic statistic refers to the number that is actually announced at that time, while the ____________

____ refers to the statistic after it has been adjusted for inflation.
Business
1 answer:
Julli [10]2 years ago
5 0

The nominal value takes into account the number that is actually announced at a time, while the <u>real value </u>refers to the statistic after it has been adjusted for inflation.

<h3>What do you mean by real value in economics?</h3>

A real value of an item, additionally referred to as its relative price, is its nominal price adjusted for inflation and measures that price in phrases of every other item.

Real values are extra vital than nominal values for monetary measures, along with the gross domestic product (GDP) and private incomes.

Thus, <u>Real value </u>refers to the statistic after it has been adjusted for inflation.

Learn more about Real Value in economics here:

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The demand curve is a graphical depiction of the connection between the cost of a commodity or service and the amount demanded over a specific time period. A common representation will have the price on the left-hand vertical axis and the amount needed on the right-hand horizontal axis. The law of demand states that, when all other factors are equal, the quantity demanded for a given good will decrease as its price rises as shown by the demand curve moving from left to right. Keep in mind that this formulation suggests that quantity is the dependent variable and price the independent variable. The independent variable often appears on the horizontal axis, or x-axis, although economics is an exception.

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