Economic terms used in this website.

. 22 Mar 2022

↞ Economics

Constant Price / Real value:

It is the price adjusted for inflation.

The price changes corrected to a baseline/reference datum.

For example, GDP at the constant price at the base year 2011-2012 means,

The baseline/reference datum is 2011-2012 year.

Goods prices were fixed in 2011-2012, and the output is subsequently measured using the price level of the baseline year.

Any price change and effect of inflation are excluded and adjusted.

Current Price:

It is the price of goods at the current market price.

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