Question

define nominal and real gdp fast​

Answer 1

Answer:

Nominal GDP is a macroeconomic assessment of the value of goods and services using current prices in its measure. Nominal GDP is also referred to as the current dollar GDP. Real GDP takes into consideration adjustments for changes in inflation.

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Answer 2

Answer:

Nominal GDP measures output using current prices, but real GDP measures output using constant prices. In this video, we explore how price changes can distort GDP using a visual representation of GDP.