™An economy's output can grow in nominal dollars partly because prices rose. Real GDP attempts to separate output change from inflation.
Economics
Gross domestic product (GDP)
The market value of final goods and services produced within an economy over a period.
Plain-English context
Put the definition to work.
GDP measures production, not household well-being or stock returns. Nominal, real and annualized growth need separate labels.
Further reading and verification. Examples are hypothetical, not current quotes or recommendations. Product terms, tax treatment and market rules can change. BEA — Understanding GDP