What is the economic term for the total value of all goods and services produced within a nation?

The economic term referring to the total value of all goods and services produced within a nation is Gross Domestic Product (GDP). GDP measures the economic performance of a country, quantifying the value of everything produced—both goods and services—within its geographic boundaries over a specific time period, typically a year. It serves as a comprehensive scorecard of a country’s economic health and a benchmark for comparing the economic performance of different nations.

In contrast, Gross National Product (GNP) focuses on the value of goods and services produced by residents of a nation, regardless of where the production occurs, making it less relevant when considering strictly domestic production. Net Domestic Product (NDP) accounts for depreciation in the capital stock, reflecting the value of goods and services produced after accounting for the loss of value due to wear and tear, which is not the primary measure of total production. National income encompasses all incomes earned by residents of a nation, including wages, profits, rents, and taxes, but it is not a direct measure of production like GDP is. Thus, the definition of GDP makes it the most accurate and appropriate term for what is being queried.