Real Gross Domestic Product (Real GDP)

Discipline: Economics

Real Gross Domestic Product (Real GDP) is the value of all goods and services produced in an economy adjusted for price changes and inflation.

Since it is adjusted for price changes and inflation, real gross domestic product (real GDP) also reflects the purchasing power of in an economy.

Real GDP divided by the population equals to the Real GDP per capita, which is the average purchasing power per person in the economy.

Also see: aggregate demand, aggregate demand theory, aggregate output, aggregate supply, gross national product, purchasing power, real gross domestic product

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