I am totally new to Economics. I have issues understanding GDP and real GDP. I have listed 3 statements below, can someone tell me if those makes sense ?
GDP Gross Domestic Product is used to get an idea of the nations economic development.
GDP excludes production that does NOT go through markets hence, GDP is not considered as a good measurement to measure the economic development.
Real GDP on the other hand is inflation-adjusted unlike GDP alone. and can be the best choice to use to measure a countries Economic development.