San Francisco/Oakland Map Tourist Attractions on Real GDP measures the value of goods and services produced using the prices prevailing in a base year. For example, if the base year is 2000 then real GDP in 2003 is calculated using the 2003 quantities valued at 2000 prices. Real GDP is therefore unaffected by changes in prices and provides an accurate measure of changes in the quantity of goods and services produced. Several years can be compared using the base-year prices and the resultant figures will be an accurate reflection of production increase, or in some cases, decrease over time. Comparing real GDP from one year to another enables us to say whether the economy has produced more or fewer goods. It was not until WORLD WAR II that the need to accurately measure a nation’s output of goods and services became paramount in government planning. During this period, economic measurement was developed principally by two economists working separately, but following parallel ideas, Simon KUZNETS in America, and Richard STONE in the UNITED KINGDOM. San Francisco/Oakland Map Tourist Attractions 2016.
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