GDP stands for

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Gross Development Product

Gross Domestic Product

Global Domestic Product

General Domestic Price

answer is B.

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Detailed Solution

GDP stands for Gross Domestic Product.
A gauge of economic expansion is the gross domestic product (GDP).
Advancements in all spheres of life are often made possible by a nation's economic progress. In general, firms hire more employees when they see quicker GDP growth as a result of the increased demand that results from individuals having more money to spend. In contrast, firms would become inactive or even shrink if there was no economic growth; demand would decline, and people's living standards would suffer. GDP is the monetary value of all finished products and services produced for sale over the course of a year in a given economy.

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