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Calculation of GDP at Current price
Advantages of Nominal GDP
Disadvantages of Nominal GDP
Effect of Inflation on Nominal GDP
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An economy is a system of institutions and organizations that play an important role in the production, distribution as well as consumption of goods and services in a society. The way a society’s economic system is structured is mostly a political and social issue. Economic systems are divided into two categories: Market systems and Command systems. In a market-based economy, the supply and demand of participants govern the economy. In a command-based economy, the government controls the production and distribution of products.