Sample Essay

The real gross domestic product of an economy is an economic measure of the size of an economy that has been adjusted for price changes. The gross domestic product is the monetary market value of all goods and services that have been generated from a specific country. Adjustment for price changes is done in order to know actual or the real growth rate.

The real domestic product is a very important metric since we use it to determine how an economy is performing. Using the real gross domestic product we can know when an economy is in a recession or in a boom. In addition we use it to compare the potential as well as the growth rate of any one given economy. Due to its importance the real economic growth rate is also used to determine the exchange rate between the currencies of different economies in their financial and trade transactions. It is usually important to use a certain currency as a benchmark so that we can avoid using conflicting data in our economic analysis.

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