As you all know, Gross Domestic Product (GDP) is an important economic term that is used to represent the final value of ...

Nominal GDP is the total value of goods and services ... of price changes on gross domestic product. The price deflator formula establishes a base year and compares current prices to the base ...

Yet nominal GDP remains the standardized measure across the world's largest economies. The widespread acceptance of a single equation is another reason why GDP is so popular. For example ...