Question

Definition of GDP,nominal GDP, real GDP, formal and relvelation

Answer 1

Heya.....

GDP... Gross Domestic Product is the sum total of all the goods and services produced in an economy during an accounting year....

Nominal GDP... It refers to GDP at current prices....Current year prices are prevalling priced during the year of estimation....

Real GDP.... It refers to GDP at constant price... Base year prices are prevalling prices for tear of estimation...

Formal...Formal refers to economics as the logic of rationale action and discussion making...

Relvelation..... It is in economics that truth telling equilibrium mechanism that run economy...

Answer 2

Gross Domestic Product meaning: Gross Domestic Product, abbreviated as GDP, is the total value of goods and services produced in a country. GDP in economics: GDP is measured over specific time frames, such as a quarter or a year.

hope it helps...