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Nominal GDP. The nominal GDP is the value of all the final goods and services that an economy produced during a given year. It is calculated by using the prices that are current in the year in which the output is produced . In economics, a nominal value is expressed in monetary terms. For example, a nominal value can change due to shifts in quantity and price. The nominal GDP takes into account all of the changes that occurred for all goods and services produced during a given year.
GDP as a measure of Economic Growth and Standard of Living. 1  1. GDP as a measure of economic growth and standard of living AS Macro â 2014. 2  2. 3  GDP â¢ GDP is Gross Domestic Product â¢ GDP is the total value of output of goods and services produced within an economy in a given period of time.4  3. 1. GDP as a measure of economic growth and standard of living AS Macro â 2014. 2  2. 3  GDP â¢ GDP is Gross Domestic Product â¢ GDP is the total value of output of goods and services produced within an economy in a given period of time. 4  3.