What does GDP stand for?

Gross Domestic Product, often abbreviated as GDP, is a key economic indicator that measures the total monetary value of all finished goods and services produced within a country's borders in a specific time period, typically annually or quarterly. It represents the economic performance of a nation and is used to gauge the health and growth of an economy.

Understanding GDP is essential as it helps in comparing the economic outputs of different countries and assessing the economic activity over time. It includes all private and public consumption, government spending, investments, and exports minus imports.

The other terms provided do not accurately reflect this concept. For example, "Gross Domestic Price" and "Gross Domestic Profit" suggest other economic concepts that do not encapsulate the comprehensive measure of production and economic activity that GDP represents. "Global Domestic Product" suggests a worldwide measure of domestic activities, which does not align with the defined measurement of individual countries' economic activity. Thus, GDP stands for Gross Domestic Product, encapsulating the core idea of measuring national economic output.