What is the acronym for the total value of all goods and services produced domestically by a nation in a year?

The total value of all goods and services produced domestically by a nation in a year is referred to as Gross Domestic Product, or GDP. This measure captures the economic activity within a country's borders and is a critical indicator of a nation's economic health. It includes consumption, investment, government spending, and net exports (exports minus imports).

In contrast, Gross National Product (GNP) focuses on the production output of a country's residents regardless of where that production takes place, while Gross National Income (GNI) accounts for income from abroad and subtracts outflows to foreign entities, and Gross Value Added (GVA) measures the value of goods and services produced in an area, industry, or sector. Therefore, the definition of GDP aligns precisely with the question regarding domestic production within a specific time frame, confirming it as the correct answer.