Asked by
Katie Hopkins
on Nov 16, 2024
Verified
The term real GDP refers to a country's actual GDP as opposed to its estimated GDP.
Real GDP
The assessment of economic production's worth, corrected for variations in prices due to inflation or deflation, revealing the actual volume of goods and services generated.
Estimated GDP
An approximation of the total value of goods and services produced within a country's boundaries in a specified time period, before exact figures are available.
- Separate the concepts of nominal and real GDP, and understand their individual significance.
Verified Answer
BL
Learning Objectives
- Separate the concepts of nominal and real GDP, and understand their individual significance.