<P> Gross domestic product ( GDP ) is a measure of aggregate output . Nominal GDP in a particular period reflects prices which were current at the time , whereas real GDP compensates for inflation . Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices . In the case of GDP , a suitable price index is the GDP price index . In the U.S. National Income and Product Accounts , nominal GDP is called GDP in current dollars ( that is , in prices current for each designated year ) , and real GDP is called GDP in ( base - year ) dollars ( that is , in dollars that can purchase the same quantity of commodities as in the base year ) . </P>
<P> Gross domestic product ( GDP ) is a measure of aggregate output . Nominal GDP in a particular period reflects prices which were current at the time , whereas real GDP compensates for inflation . Price indices and the U.S. National Income and Product Accounts are constructed from bundles of commodities and their respective prices . In the case of GDP , a suitable price index is the GDP price index . In the U.S. National Income and Product Accounts , nominal GDP is called GDP in current dollars ( that is , in prices current for each designated year ) , and real GDP is called GDP in ( base - year ) dollars ( that is , in dollars that can purchase the same quantity of commodities as in the base year ) . </P>
gdp that has been adjusted for changes in the price level
gdp that has been adjusted for changes in the price level
real
real