Economics, 3rd Edition

GDP at constant prices 

gross domestic product calculated 

using prices that existed at a particular base year which takes 

into account changes in inflation over time

GDP at current or market prices 

gross domestic product 

calculated by multiplying the output of goods and services by 

the price of those goods and services in the reporting year

GDP deflator 

a measure of the price level calculated as the 

ratio of nominal GDP to real GDP times 100

GDP per capita 

gross domestic product divided by the population 

of a country to give a measure of national income per head

general equilibrium 

the notion that the decisions and choices 

of economic agents are coordinated across markets

Giffen good 

a good for which an increase in the price raises the 

quantity demanded