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I looked on newegg for a laptop which fits your specs and has ANY graphics card, and they are just very different builds to what you are looking for, which drives up the price in a bad way. For your price range, it's a moot point.
EDIT: I'm with deanglow if you can afford that lappy.
The rest of this post is prob. tl;dr for you, but it's here to peruse for your curiosity.
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GPU = Graphical Processing Unit. It is the part of your graphics card that does the work. It has it's own RAM, called GDDR# - Graphical Double Data Rate (# = generation, or tech level) - and is listed separately to the GPU speed, just like your "computer's" RAM is listed alongside the processor speed.
We tend to think of electricity as instantaneous, but keeping everything close together makes a huge difference in computer performance. So you want to have your main RAM right next to the chipset, and you want a separate set of RAM dedicated to feeding the GPU. The RAM on your Graphics card is a big deal - up to the point where it's more than enough. You wont find many cards that have inadequate memory for the GPU to run 1 monitor at optimal settings. However, if you will be using 2 or more monitors, then the extra RAM will be important.
More important is the tech level of the RAM. If you can afford it, you'll be much happier with GDDR5 than GDDR3. The newer generation is a big improvement in the speed of the RAM, therefore the speed of the GPU.
Unlike your CPU, which performs one operation on one chunk of data at a time, a GPU performs the same operation on many chunks of data at once. So it has another limiting factor in how many chunks of data it can use at a time. Clearly the speed is also important, but the number of parallel streams (pixel pipelines) of data it can support is a very big deal, here. This is a vital stat to look at when choosing a graphics card.
That said... you get what you pay for in a graphics card. The cost per quality is very linear from just above the lowest end to just below the highest end cards.
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I always suggest this rule of thumb: GET A GRAPHICS CARD IN YOUR COMPUTER. If you think you don't need one, then get a really cheap one, but get one. You will never thank me, because everything will be that much more "normal" from day 1. It's a hidden benefit that impacts everything your computer does in a small way, and all those small things add up to constant performance increases.
If you're buying a low-mid end laptop, then you will be hard pressed to find one with a graphics card, and you're getting what you're getting. It will usually look good; it wont ever look great. The speed will usually feel adequate, but it wont ever feel fast. If you ever want to plug it into a 2nd output, e.g. to give a presentation on a projector, then your resolution will suffer.
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