Final answer:
The Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country within a given time. It helps economists measure the size of a nation's economy.
Step-by-step explanation:
The Gross Domestic Product (GDP) is best defined as the total market value of all final goods and services produced within a country within a given time.
Final goods are goods at the furthest stage of production at the end of a year, and statisticians who calculate GDP must avoid double counting, where output is counted more than once as it travels through production stages. For example, if a tire manufacturer produces tires and an automaker sells a truck that includes those tires, counting the value of the tires twice would be a mistake.
GDP is a measure of the current value of all final goods and services produced in a nation within a year, and it helps economists measure the size of a nation's economy.