1 The nominal price of a good adjusted by a price index. 2 A relative price showing how much of one good exchanges for other goods. These prices show economic scarcity as they make possible a comparison between the price increases of particular...

In economics, the nominal values of something are its money values in different years. Real values adjust for differences in the price level in those years. Examples include a bundle of commodities, such as gross domestic product, and income. For a...