Question

real value definition

normal value definition

Answer 1

Real value and nominal value are differentiated by the adjustment with the current price in the market.

Real value is when the price of the goods or the GDP is adjusted against the current price level and the nominal value is the price of the good or the GDP or any variable is at the nominal value then it is not adjusted for the price level i.e. the value of things at the current price level.

Real value of thing are those that are at the base price and nominal or the normal value are at the current price.