Question

what is real GDP and nominal GDP in detail​

Answer 1

Explanation:

Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation. Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output. Trends in the GDP deflator are similar to changes in the Consumer Price Index, which is a different way of measuring inflation.

Answer 2

Explanation:

Nominal GDP is the market value of goods and services produced in an economy, unadjusted for inflation.

Real GDP is nominal GDP, adjusted for inflation to reflect changes in real output. Trends in the GDP deflator are similar to changes in the Consumer Price Index, which is a different way of measuring inflation.