Nominal GDP: This is the raw measurement of GDP without taking into account inflation or deflation. It’s like getting your test score without any curve applied.
Real GDP: This measures the value of economic output adjusted for price changes (inflation or deflation). It’s like seeing your grade after it has been curved, giving a more accurate picture of performance over time.
Per Capita GDP: This is the GDP divided by the total population of a country. Imagine if your class grades were averaged out - that would be similar to per capita GPA!