Which term characterizes the overall economic activity within a country's borders?

The term that characterizes the overall economic activity within a country's borders is Gross Domestic Product (GDP). GDP measures the total monetary value of all goods and services produced within a country's borders over a specific period, usually a year. It serves as a comprehensive indicator of a nation's economic performance and health, reflecting the value of economic activities and output generated domestically.

By focusing specifically on the production within the national boundaries, GDP provides insight into the economic activities undertaken by residents and businesses within a country, allowing for comparisons between different periods, sectors of the economy, and even between different countries. It is an essential metric for policymakers and economists as it helps assess economic growth, the standard of living, and productivity levels.

National Income pertains to the total income earned by a nation's residents and businesses, including wages, profits, rents, and taxes, but it is not a direct measure of economic activity in the way that GDP is. The Consumer Price Index measures changes in the price level of a basket of consumer goods and services but does not gauge economic activity. Finally, Net Economic Output, while it sounds relevant, is not a widely recognized standard term compared to GDP, which is a universally accepted measure used to represent a country's economic health.