Final answer:
GDP stands for Gross Domestic Product, which is the current value of all final goods and services produced within a country over a year, and final goods are those at the last stage of production used for various purposes directly, not including intermediate goods to prevent double counting.
Step-by-step explanation:
The acronym COP in the context of the question seems to be mistyped, and should likely refer to GDP, which stands for Gross Domestic Product. GDP is defined as the current value of all final goods and services produced within a country in a year. Final goods are those that have reached the furthest stage of production at the end of a year and are used directly for consumption, investment, government, and trade purposes. To avoid double counting, only the value of final goods is considered, which means intermediate goods like tires that are used in the production of final goods such as trucks, are not counted separately. This is crucial because otherwise, the value of a final product would be inflated as the inputs to its production would be counted multiple times.