221. Describe what else can be used instead of money as a store of value

237. Explain what nominal GDP means.

Nominal GDP

The regular pulse of prices rising and falling (mostly rising) is captured by nominal GDP, which tracks growth in value of an economy over time. If overall gross domestic product rises 3 percent in a year and inflation runs at 2 percent over the same period, nominal GDP will be +5 percent for that year.
When comparing GDP to other economic data that are not adjusted for inflation, nominal GDP is the preferred figure. For instance, debt is always presented as a nominal amount, so debt-to-GDP ratios are calculated using nominal GDP data. Keep in mind that nominal GDP can provide an inaccurate picture of economic growth exactly because inflation is baked into the data.

Real GDP

Real GDP provides a more precise picture of a nation’s rate of economic growth. The GDP deflator is utilized to adjust the data for inflation, allowing you to understand how much economic output has grown (or contracted) independent of price changes.
When calculating real GDP, a base year is selected to control for inflation; the real GDP figures capture the quantities of goods produced in different years using the prices from the same base year. The different real GDP figures from various years reflect changes in volume rather than value.
238. Explain what net national product means.
Definition of net national product
: the net value of the goods and services produced in a nation during a specific period (as a year) computed by subtracting from the gross national product charges for depreciation of capital assets — compare national income.
Net National Product (NNP) = Gross National Product (GNP) – Depreciation. The gross national product portion of the NNP formula includes all the final goods and services manufactured and produced within a nation with a period.
Net-national-product meaning

Net national product is defined as the total value of the goods and services that a country produces during a period of time, minus the depreciation cost of producing those goods and services. An example of net national product is a country's profit from exporting rice to other countries.