Real GDP, Nominal GDP and GDP Deflator

Nominal GDP Nominal GDP is simply the value of all final goods and services produced in a country or in other words it is the current market value of Goods and services. As discussed before the formula for Nominal GDP is as follows Whereas P and Q are the current...

GDP – Gross Domestic Product

The widespread measure of the total output in a country’s economy is called  GDP (Gross Domestic Product). GDP is basically a measure of the market value of all services and final goods produced in a country during a year. It as well is equal to the sum of the value...