Final answer:
The market value of all goods and services produced during a specific time is called Gross Domestic Product (GDP), which avoids double counting of intermediate goods.
Step-by-step explanation:
The market value of all goods and services produced during a given time period is called Gross Domestic Product (GDP). GDP represents the total value of all final goods and services produced within a country during a specific time period. It's crucial for statisticians calculating GDP to avoid double counting; this means that they must be careful not to count the value of intermediate goods that are used in the production of final goods. For example, the value of tires produced by a tire manufacturer should not be counted separately if those tires are part of a new truck because the value of the tires is already included in the final price of the truck. The value of a nation's output is fundamentally equal to the total value of a nation's income.