What are the components of Gross Domestic Product? Explain and provide an example for each component. Explain the differences between real and nominal GDP. Also calculate real GDP, nominal GDP, GDP...

Question 1:
Personal consumption, corporate investment, government expenditure and net exports are the four components of the Gross domestic Product.  For every year, GDP is the overall economic production of the country.
1. Personal consumption expenditure
It includes Services – Education, health care, and banking. Durable goods like Furniture, large appliances, car. Non-durable goods like Food, cloth, fuel.
2. Business Investment
The investment in firms comprises purchases made by corporations for the production of consumer goods. But not all purchases are taken into account. If just an existing item is replaced by a purchase, it does not add to GDP and is not counted. Purchases must be taken into account to generate new consumer products.
3.  Government Spending:
It includes government expenditure like infrastructure investment.
4.Net exports of goods and services:
The opposing impacts on GDP affect imports and exports. Adding GDP to exports and subtracting imports to GDP indicates net exports.
Question 2
Nominal GDP is a macroeconomic evaluation of the value of goods and services based on current prices. Current dollar GDP is also known as the Nominal GDP. Real GDP takes account of inflation change adjustments. This indicates that real GDP will be lower than nominal if inflation is positive, and vice versa. Positive inflation inflates GDP nominally much, without a real GDP adaptation.
Nominal GDP
    Years
    Calculators
    Notebook
    Nominal GDP
    2017
    $12,000
    $3,000
    $15,000
    2018
    $20,000
    $4,800
    $24,800...