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Suppose that the GDP deflator for the united states increases from 115 to 120 between 2019 and 2020.
It explains us that GDP deflator is an economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP. An increase in nominal GDP may just mean prices have increased, while an increase in real GDP definitely means output increased. The GDP deflator is a price index, which means it tracks the average prices of goods and services produced across all sectors of a nation's economy over time.
GDP is the total monetary or market value of all the finished goods and services produced within a country's borders.
Price index is a measure of price changes using a percentage scale.
Economy is the system according to which the money, industry, and trade of a country or region are organized.
To know more about the GDP here
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