What does GDP stand for?

GDP stands for Gross Domestic Product, which is a key economic indicator that measures the total value of all goods and services produced within a country's borders over a specific time period, typically annually. It reflects the economic performance of a nation, providing insight into its economic health and the standard of living of its citizens. By analyzing GDP, economists and policymakers can evaluate economic growth, make comparisons between different economies, and guide decisions regarding fiscal and monetary policies.

This term encapsulates economic activity and is pivotal for understanding the size and strength of an economy. The other options do not accurately reflect this established economic metric. For instance, General Development Policy does not correspond to a measurement of economic output, and Gross Domestic Performance is not a recognized term in economic literature, nor is Government Dollar Price related to the broader economic production context that GDP represents.