Final answer:
GDP is an accurate measurement that captures both the consumption of final goods and services and the income generated from producing them in a nation for a specific period, namely a year.
Step-by-step explanation:
GDP, or Gross Domestic Product, is indeed a measure that captures the value of final goods and services produced within a nation's economy in a given time. These final goods are the ones at the furthest stage of production at year's end, and including them avoids double counting issues. Precisely, GDP refrains from factoring in intermediate goods that are ingredients or components of these final products. Economists calculate GDP by multiplying the quantities of all goods and services produced by their prices and adding them up. This provides a clear picture of not only the consumption but also the income generated in an economy since all final goods and services sold will eventually translate into income for contributors like workers, managers, and investors. The national income is the sum of income received for contributing resources to GDP and can be equated to real GDP in certain contexts.