What's the difference between REAL GDP and NOMINAL GDP? How exactly are they calculated, and what is the difference in their relevance (what is the difference between what each one supposedly says about an economy)?
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Answer:
My guess is that nominal GDP is the amount of currency available, and real GDP is what the currency will buy at the current prices. Nominal GDPs could be fairly easily compared, but real GDPs have many complicated factors, such as the demand for various products and services, the desire to maintain a particular standard of living, and can change frequently.
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