Essay About Real Gdp Real Gdp And Gross Domestic Product

Economic Terms
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) is the value of goods a certain place produces in a specific amount of time.
Gross Domestic Product – GDP. (n.d.). Retrieved from
Real GDP
Real GDP factors the inflation rate in a specific year to give a more accurate description of the production level of that country.
Real Gross Domestic Product (GDP). (n.d.). Retrieved from
Nominal GDP
The nominal GDP is not adjusted for inflation, it is the dollar amount during that specific period.
Nominal GDP. (n.d.). Retrieved from
Unemployment rate
The unemployment rate is the number of people not working, but actively seeking employment. divided by the number of people currently working.
Unemployment Rate. (n.d.). Retrieved from
Inflation rate
Infltation rate is when more money is printed, causing the value of the currency to drop.
Inflation. (n.d.). Retrieved from
Fiscal Policy
Fiscal policy are the choices the government makes every year to set a budget for the country.
Fiscal Policy. (n.d.). Retrieved from
Monetary Policy
Monetary Policy defines the way the Federal Reserve Bank decides to use the money supply of the country.
Monetary Policy. (n.d.). Retrieved from
Aggregate Demand (AD) Curve
The aggregate demand