What does GDP stand for?

The correct response is that GDP stands for Gross Domestic Product. This term is a critical economic indicator that measures the total monetary value of all finished goods and services produced within a country's borders in a specific time period, usually annually or quarterly.

Understanding GDP is essential because it serves as a comprehensive scorecard of a country's economic health, indicating how well an economy is performing. A rising GDP signifies economic growth, while a declining GDP may indicate an economic contraction. This measurement helps policymakers, economists, and analysts make informed decisions about economic policy and strategy.

The other options, such as Gross Domestic Price and General Domestic Product, reflect misunderstandings of the correct terminology used in economics. Global Development Plan is unrelated to the measurement of a nation's economic performance, further emphasizing the accuracy of Gross Domestic Product as the appropriate definition of GDP.