What is referred to as the total amount of goods and services produced in a nation in a year?

Gross Domestic Product (GDP) is the term used to describe the total amount of goods and services produced within a nation during a specific period, typically one year. It is a comprehensive measure of a country’s overall economic activity and is often used as an indicator of the nation’s economic health. GDP includes all private and public consumption, government spending, investments, and the export minus imports of goods and services.

This measure is crucial because it provides a snapshot of a nation’s economic performance and helps to compare economic productivity between different countries or over time. In contrast, other options refer to different economic measures: Net National Product focuses on net production after depreciation, Gross National Income considers the total income earned by a nation's residents, whether produced domestically or abroad, and National Income measures the total income earned by factors of production in a nation. These concepts are related but do not specifically represent the total production within the country that GDP encapsulates.