What is GDP an acronym for?

GDP stands for Gross Domestic Product, which is a fundamental economic metric used to gauge the economic performance of a country. It represents the total monetary value of all final goods and services produced within a nation’s borders over a specific time period, usually annually or quarterly. This measurement helps economists and policymakers understand the size and health of an economy, as well as its growth rate over time.

The term encompasses various components, including consumer spending, business investment, government spending, and net exports (exports minus imports). Understanding GDP is crucial because it serves as a comprehensive scorecard of a country’s economic health and is a vital tool for international comparisons and policy-making.

Other options, such as Gross Demand Product, General Domestic Price, and Gross Domestic Price, do not accurately reflect the correct definition and purpose of GDP. These terms either do not exist in standard economic vocabulary or misrepresent the concept of measuring a country's economic output.