Describe the difference between real gdp and nominal gdp.​

Real Gross Domestic Product or real GDP is a measure of the value of economic output like inflation or deflation of prices . Nominal GDP on the other hand is a figure which has not been adjusted for any inflation. Nominal GDP is also known as the ”current dollar GDP” sometimes, “chained dollar GDP”. Adjustment in real GDP transforms the nominal GDP, the money-value measure an index for total output quantity. The main difference between these two GDP’s is that real values are adjusted for inflation while nominal is otherwise.

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