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Gross domestic product is the total market value of goods and services produced within the country during a year
Nominal gross domestic product, or nominal GDP, is the total market value of goods and services produced, measured in current prices.
Suppose in the year 2010, the economy of a country produced $150 billion worth of goods and services based on year 2010 prices. Since we're using 2010 as basis year, the nominal GDP and Real GDP are the same.
In the year 2011, the economy produced $180 billion worth of goods and services based on year 2011 prices. Those same goods and services are instead valued at $165 billion if year 2010 prices are used. Then:Year 2010 Nominal GDP = $150 Billion, Real GDP = $150 Billion
Year 2010 Nominal GDP = $180 Billion, Real GDP = $165 Billion
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Business cylcle and growth rate are directly proportional : Higher the business cycle (volatility ) here will be the growth
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