Final answer:
The GDP of the United States is defined as the total value of all goods and services produced within the country in a given period of time, which reflects the economic output and health of the nation's economy.
Step-by-step explanation:
The gross domestic product (GDP) of the United States is defined as the total value of all goods and services produced within the country in a given period of time. Specifically, it is a measure of the economic output, reflecting the market value of all final goods and services made within the borders of a country during a specific period. This includes everything produced by all the people and companies within the country, and it is commonly used to indicate the health of a nation's economy. Considering options given, the correct answer would be number 1.
GDP is an important indicator in macroeconomics and reflects the size and health of a country's economy. It is often used by policymakers and economists to gauge the productivity of an economy and to make comparisons of growth rates between different countries. An increase in GDP is a sign of economic growth, whereas a decline indicates economic contraction. Notably, GDP does not include the total value of imports and exports, government spending alone, or consumer spending alone, but rather the aggregate value of goods and services produced which indirectly encompasses aspects of these different economic parts.