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[[1]] is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period.

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Detailed Solution

Gross Domestic Product(GDP) is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country during a given period.
It serves as a comprehensive scorecard of the nation's economic health as a broad indicator of total domestic production. The total output of a sector for a given year is determined by the value of the finished goods and services produced in each sector during that year. GDP is the total worth of the finished goods and services generated inside a nation during a specific year in the three sectors (Primary, Secondary, and Tertiary).

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[[1]] is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period.