Chamberlain ECON 312 ECON312 Week 5 Discussion GDP, Real and Nominal GDP

Chamberlain ECON 312 ECON312 Week 5 Discussion GDP, Real and Nominal GDP

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ECON 312 Week 5 Discussion GDP, Real and Nominal GDP, Aggregate Demand, and Aggregate Supply (Chamberlain College of Nursing)

Explain how GDP is calculated. Go to the Bureau of Economic Analysis website, www.bea.gov, and access the BEA interactively by selecting "National Accounts" and then "National Income and Product Account Tables." Select "Frequently Requested NIPA Tables," and find Table 1.1.1 on GDP. What is the current GDP growth rate for the U.S.?

What are the differences between real and nominal GDP?