Plain-English definitions for the terms you'll encounter on your financial journey.
The specific year used as a benchmark for comparison when calculating economic indices like the CPI or Real GDP.
The total value of all goods and services produced within a country at current market prices. Unlike Real GDP, it does not account for the effects of inflation or deflation.
An inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. It allows economists to compare economic output over time by accounting for price changes.