Solved: Difference between nominal and real quantities, Microeconomics

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Difference between nominal and real quantities

Problem:

This is an important notion in economics which infuses several concepts dealing with money. We have "nominal" quantities and "real" quantities. For example, one would talk about the nominal price of a house as opposed to real price of the same house. Or one might talk about nominal deficit as opposed to real deficit.

What's the difference between nominal and real quantities and why make the distinction?

Please provide at least 200 words.

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Microeconomics: Difference between nominal and real quantities

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