What does the acronym GDP stand for?

GDP stands for Gross Domestic Product. This term is a critical economic indicator that measures the total value of all goods and services produced within a country's borders in a specific time period, usually annually or quarterly. It serves as a comprehensive scorecard of a nation's economic health and is used to gauge the size and performance of an economy.

Understanding GDP is essential because it reflects the economic activity and output of a country, helping policymakers, economists, and analysts make informed decisions regarding fiscal and monetary policies. In contrast, the other terms listed do not accurately represent the concept of GDP and do not carry the same significance in economic discussions.