What does GDP stand for?

Gross Domestic Product (GDP) is a crucial economic indicator that represents the total monetary value of all goods and services produced within a country's borders over a specific time period, usually annually or quarterly. This measure provides insights into the overall health of an economy, indicating whether it is growing or contracting.

GDP serves as a comprehensive scorecard of a country’s economic activity and is used by policymakers, economists, and analysts to assess economic performance and inform decisions regarding fiscal and monetary policies. Its components include consumer spending, business investments, government expenditures, and net exports (exports minus imports), capturing the full scope of economic interactions.

In contrast, the other options do not accurately represent this concept. For instance, "Gross Domestic Price" and "Gross Domestic Profit" do not exist as standard economic terms, and "Global Domestic Product" inaccurately suggests a worldwide measure rather than focusing on domestic production within a specific country. Thus, the correct definition is clearly encapsulated in the term "Gross Domestic Product."