Question

Difference between real gdp and nominal gdp with illustration

Answer 1

Hey....!!!!
Happy too help U

= The main difference between nominal andreal values is that real values are adjustedfor inflation, while nominal values are not. As a result, nominal GDP will often appear higher than real GDP. ... Values for real GDP are adjusted for differences in prices levels, while figures for nominal GDP are not.

Answer 2

"$\large \green{ \fcolorbox{gray}{black}{ ☑ \: \textbf{Verified \: answer}}}$

GDP stands for Gross Domestic Product.

It is the sum total of all final goods and services produced in a country during a particular year. It shows how big the economy is.

It is the sum of production in all sectors.in india this mammoth task is undertaken by central govt. ministry.

It collects information with the help of various govt. departments of all states and union territories.

GDP = C + I + G + (X – M)

where

• C = private consumption
• I = gross investment
• G = government investment + government spending
• X = exports
• M = imports