Inflation can distort economic variables like GDP, so we have two versions of GDP: One is corrected for inflation, the other is not. Nominal GDP values output using current prices. It is not corrected for inflation. Real GDP values output using the prices of a base year. Real GDP is corrected for inflation. https://www.youtube.com/watch?v=8r3vAmiIjQw&list=PLUe0zmntFqG4Zm1zqv79fts4xHuCM3qi7&index=8 Real GDP Real

Gross national product (GNP) is the market value of all the products and services produced in one year by labour and property supplied by the citizens of a country. Unlike gross domestic product (GDP), which defines production based on the geographical location of production, GNP indicates production based on location of ownership. GNP includes income

What, How and For Whom? Every human society – whether it is an advanced industrial nation, a centrally planned economy, or an isolated tribal nation – must confront and resolve three fundamental economic problems. Every society must have a way of determining what commodities are produced, how these goods are made, and for whom they