The value of all final goods and services produced within the country during one year is known as __________.

Correct option is C

The correct answer is (c) Gross domestic product.
· Gross Domestic Product (GDP) is the total monetary value of all final goods and services produced within a country’s borders in a specific time period, typically measured annually or quarterly.
· GDP includes consumption, investment, government spending, and net exports (exports minus imports).
· It is a key indicator used to gauge the health of a country’s economy. Higher GDP indicates a larger economy and greater production capacity.
· There are three approaches to calculating GDP:
· Production (or output) approach: Sum of value added at each stage of production.
· Expenditure approach: Sum of total spending on final goods and services.
· Income approach: Sum of total income earned by individuals and businesses in the economy.
Facts to remember:
· Net National Product (NNP) is the total value of all final goods and services produced by the residents of a country in a specific time period, minus depreciation (the value of wear and tear on capital goods).
· NNP = GNP - Depreciation.
· Net Domestic Product (NDP) is the total value of all final goods and services produced within a country’s borders in a specific time period, minus depreciation.
· NDP = GDP - Depreciation.