Figure 1.2
Using the figure above, identify the labeled part.
-Label Z: ______________________________
Definitions:
GDP Price Index
An economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP.
Fixed-Weight Price Index
A method of calculating inflation or deflation that uses predetermined weights for different categories of goods and services, regardless of their current market importance.
Chain-Weighted System
An inflation measure that adjusts the weights from year to year in calculating a price index, thereby reducing the bias caused by a fixed-price weighting system.
Nominal Gross Domestic Product (GDP)
The market value of all goods and services produced within a country in a given period, measured without adjusting for inflation.