Real GDP is the value of the final goods and services produced in a given year; It is expressed in terms of the prices in base year.
GDP simply means Gross Domestic Product and it is defined as the total monetary or market value of all the final goods and services that were produced within a country for a particular year.
Now, GDP is a very good measure of domestic production because it functions as a valuable scorecard tool of the strength of a country's economy.
This GDP is usually expressed in terms of the prices in base year.
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