Which term encompasses the total market value of all goods and services produced by a nation, including those produced overseas?

The term that encompasses the total market value of all goods and services produced by a nation, including those produced overseas, is Gross National Product (GNP). GNP measures the economic output that belongs to a country's residents, regardless of whether the production takes place within the country or abroad. This includes the value of goods and services produced by national companies and individuals operating in foreign countries, providing a more comprehensive picture of an economy's performance in relation to its citizens' productive activities.

In contrast, Gross Domestic Product (GDP) focuses solely on the value of goods and services produced within a country's borders, regardless of who produces them, making it different from GNP. Net National Product (NNP) adjusts GNP by accounting for depreciation, while Gross National Income (GNI) includes the total income received by a nation’s residents, including income earned abroad, but it does not directly deal with production values. Therefore, GNP is the correct term that includes the total market value of goods and services produced by a nation's residents, regardless of their location.