In the Term "Real GDP," What Does "GDP" Stand for and What

question 238

Essay

In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?

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Definitions:

Labor

Human effort, both physical and mental, used in the production of goods and services, considered an essential factor of production.

Car Detailing

The process of thoroughly cleaning, restoring, and finishing a car to achieve a show-quality level of detail, both inside and out.

Production Function

A mathematical relation that defines the output produced from combinations of different inputs.

Ovens

Appliances used for baking, heating, or cooking food, typically powered by electricity or gas.