In economics, what is the market value of all final goods and services produced within a country during a period called?

Gross domestic product is the market value of all final goods and services produced within a country during a specified period.

GDP counts production inside a country’s borders, regardless of whether the producers are domestically or foreign owned. It can be calculated by adding spending on consumption, investment, government purchases, and net exports. The expenditure identity is commonly written as C + I + G + (X − M).

Simon Kuznets developed early national-income measurement in the United States during the 1930s, although the modern GDP framework was refined during the 1940s. GDP became especially important for wartime planning and postwar economic comparisons.

GDP is not the same as national wealth, household income, or living standards. It excludes many unpaid activities, such as household work, and a higher GDP does not automatically mean people are healthier or more satisfied. Real GDP adjusts for price changes, while nominal GDP uses current prices.