What is nutritional yeast?

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Yeast is used in nutritional supplements is popular with vegans and the health conscious, it is often referred to as "nutritional yeast". It is a deactivated yeast, and is an excellent source of protein and vitamins, especially the B-complex vitamins, whose functions are related to metabolism as well as other minerals.

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Whats the purpose of nutritional yeast?  Can nutritional yeast be used the same way as yeast extract?