Types of variables ( Real vs Nominal)

Imagine A very simple country where only bread is produced and the production of bread requires labor and capital. Let say price of bread in this simple economy is 20 rupees. We also initially assume that the worker who are providing labor are paid a wage of 10 rupees per hour. If the firms increases prices of bread by 20 rupees it now receives more revenue. So the firm decides to keep the worker
happy by increasing their wage from 10 to 15 rupees. How much did the workers gained?

'Gross Domestic Production' defined

Gross Domestic Production

Gross domestic production is defined as " The monetary value of all final goods and services produced within an economy during a given period of time"

Explaination

The definition might simple as it seems but there are some important key concepts that needs to be taken care of. we will look into these concepts below

Monetary value

While gross domestic production is all about production of goods and services we normally represent it in monetary figures. Why don't we use the actual units in which it was produced. for example we could say 24,500 billion tons of wheat produced in 2014 rather than mentioning it in monetary units say rupees.