What is the term for the total money value of all final goods and services produced in an economy in one year, adjusted for inflation?

The term for the total money value of all final goods and services produced in an economy in one year, adjusted for inflation, is Real GDP. Real GDP reflects the actual output of an economy by accounting for changes in price levels, thus providing a more accurate representation of economic growth and productivity than nominal measures.

When GDP is expressed in nominal terms, it includes the effects of inflation, which can distort the true growth of the economy. Real GDP, on the other hand, uses a constant set of prices from a specific base year, thereby allowing for comparisons over different time periods without the influence of inflation. This adjustment is crucial for understanding economic performance and making policy decisions, as it provides a clearer picture of whether the economy is truly expanding or contracting in terms of output rather than merely reflecting changes in price levels.