The total value of all final products and services produced within an economy in a given period of time (output definition), or equivalently, the aggregate income earned by all households, all companies, and the government within an economy in a given period of time (income definition). Nominal GDP uses current market values. Real GDP adjusts for changes in price levels.

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1. The total value of all final products and services produced within an economy in a given period of time (output definition), or equivalently, the aggregate income earned by all households, all companies, and the government within an economy in a given period of time (income definition). Nominal GDP uses current market values. Real GDP adjusts for changes in price levels.