Final answer:
The Gross Domestic Product (GDP) is the dollar value of all final goods and services produced within a country's borders in a given year, avoiding double counting in the calculation process.
Step-by-step explanation:
The dollar value of all final goods and services produced within a country's borders in a given year is defined as the Gross Domestic Product (GDP). GDP represents the current value of all final goods and services produced in the nation over a year, carefully avoiding any double counting, which occurs when the same good's value is counted more than once as it moves through the stages of production. For instance, if the value of tires produced by a manufacturer is counted and then the tires, as part of a new truck, are counted again when the truck is sold, this results in double counting since the truck's price already includes the tires' value.