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What Is Nominal GDP and How to Count It

nominal gdp definition

This post written by our online economics assignment help services’ best writers will provide you what is nominal GDP and will also help you on how to count it. Check it out so that you can find it easier to complete your assignment in case you were assigned to get the nominal GDP.

Short History and Define Nominal GDP

What is Nominal GDP? Nominal GDP is a part of the formula in getting the GDP Deflator. It is the unadjusted GDP, which the market value of the final goods that are produced in an economy. It may cover a geographical region or a country. The said market value is based on the number of produced goods and services and their individual prices. So, if there is a change in the price from a particular period to the subsequent one; however, the actual output is unchanged, the nominal GDP will also change despite the consistency of the remained output.

General Information about the Term

This is different from the Real GDP. Real GDP is adjusted Nominal GDP for inflation. It focuses on the price changes as consequence of the inflation. But if there is no change in the inflation or deflation, the Nominal GDP and Real GDP will be the same.

Explanation and Nominal GDP Equation

The Nominal GDP is not an accurate way to know the economic strength of economy over time because of its unadjusted characteristic. The increase can be possible because of the inflated prices instead of the increased output. But for estimation purposes, Nominal GDP is used.

The Nominal GDP Equation needs the following:

  • Price of the good or service in a particular period of time
  • Quantity of the good or service in a particular period of time

nominal gdp formula

The price of a good or service has to be multiplied by the quantity of each good or service. The product is the Nominal GDP of a single year. Hence, it will show the value of the goods or services in an economy. You will need then the list or data of the prices and quantities of a good or service. You will also need a calculator for easy solving of the problem.

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