Real GDP: Real GDP measures the total value of goods and services produced in an economy during a specific period, adjusted for inflation.
Inflation: Inflation refers to the sustained increase in the general level of prices for goods and services in an economy over time. It erodes purchasing power and affects both consumers and businesses.
Gross Domestic Product (GDP): GDP represents the total value of all final goods and services produced within a country's borders during a specific period. It is used as a key indicator of economic health and growth.