Presented below are the basic assumptions and principles underlying financial statements. 
Definitions:
Nominal GDP
Nominal GDP refers to the market value of all final goods and services produced within a country in a given period, using current prices without adjusting for inflation.
Real GDP
Gross Domestic Product adjusted for inflation, giving an accurate measure of an economy's size and how it's growing over time.
GDP Deflator
A measure that reflects the prices of all domestically produced goods and services in an economy.
Percentage Change
A mathematical calculation that describes the degree of change over time, expressing the difference as a percentage of the initial value.
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