The geographical areas used for establishing the AMI are either Metropolitan Statistical Areas (MSAâs) or counties. Keyport is in the Monmouth County, NJ MSA. The 2015 Area Median Income for a family of four in Keyport is $91,700. The income limits used for Section 8, public housing, Low Income Housing Tax Credits. the HOME program and other Federal programs all are derived from the HUD defined AMI.
Real GDP refers to the inflation-adjusted dollar value of the goods and services produced during a designated period. Inflation is a rise in prices. In real GDP, we factor the effect of inflation into the GDP calculation so we can compare GDP over time. Nominal GDP doesn't account for inflation. If we wanted to compare our hypothetical country's economy in 2000 and 2008, comparing a nominal GDP of $10.00 in 2000 to a nominal GDP of $25.38 doesn't really tell us what we want to know.
Nominal. Describing a variable that does not take inflation into account. For example, when considering GDP growth, if GDP has grown 10% in nominal terms and the inflation rate is 3%, real GDP growth is only 7%.