Definition of Absolute price

In economics, nominal value refers to an ecomomic value expressed in fixed nominal money terms (that is, in units of a currency) in a given year or series of years. By contrast, real value adjusts nominal value to remove effects of general price level price changes over time. For example, changes in the nominal value of some commodity bundle over time can happen because of a change in the quantities in the bundle or their associated prices, whereas changes in real values reflect only changes in quantities.