A formula is a mathematical expression or equation used to calculate or solve a specific problem. In the context of calculating nominal GDP using the GDP deflator, it refers to the step-by-step equation used to determine the value.
Related terms
Equation: An equation is a mathematical statement that shows that two expressions are equal.
Calculation: A calculation is a process of finding a numerical result by performing mathematical operations.
Mathematical Expression: A mathematical expression is a combination of numbers, symbols, and operators that represents a value or relationship.