What does GDP stand for in economics?

Gross Domestic Product, or GDP, is a fundamental measure in economics that represents 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 serves as a comprehensive indicator of a nation's economic activity and health. By capturing the overall economic output, GDP helps economists and policymakers assess the performance and growth potential of an economy.

Understanding GDP is crucial since it influences economic policy, investment decisions, and assessments of living standards. In contrast to the other terms listed, such as General Demand Price or Gross Demand Price, which are not standardized economic terms or metrics, Gross Domestic Product specifically relates to the production of goods and services, providing a clear framework for analyzing economic health. Gross Developed Product is also not a recognized term in economics, thus reinforcing the predominance of "Gross Domestic Product" as the correct representation of the concept.