Question

Which term describes the total value of all goods and services produced in a country during a year?

Answer 1

GDP" redirects here. For other uses, see GDP (disambiguation).

A map of world economies by size of GDP (nominal) in USD, World Bank[1][2], 2014[3]

Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing differences in living standards between nations.