Definition
Gross Domestic Product (GDP) is the sum total of the value of all the final goods and services produced in an economy in a given period of time . The accounting period of GDP is one fiscal year. That is, we account the goods and services produced in a year in our GDP calculations.
Real and Nominal GDP
We have stated GDP as the ‘value’ of goods and services. This value is the money value. That means we multiply each quantity with its price to get the GDP. This is done because all goods and services have different units of measurement. To compute them ...
