Arrange the following economic concepts in the correct order of their relationship when assessing economic performance: A) Nominal GDP is converted to Real GDP using the GDP deflator B) Real GDP is compared to previous years to assess growth C) Price Index reflects inflation over the years D) Nominal GDP is reported without adjustments for inflation

To assess economic performance, we start with nominal GDP, which is the total value of goods and services produced in a country without considering inflation (D). Next, we convert this nominal GDP into real GDP using the GDP deflator, which accounts for changes in price levels over time (A). Once we have real GDP, we can compare it to real GDP from previous years to see if the economy is growing or shrinking (B). Additionally, to understand how prices have changed during this time, we look at the price index, which reflects inflation (C). For example, if nominal GDP for a year is $1 trillion and the GDP deflator indicates a rise in prices, converting to real GDP will show a more accurate picture of economic growth.