The term "GDP" stands for Gross Domestic Product. It is a critical economic indicator that measures the total monetary value of all finished goods and services produced within a country's borders during a specific time period, typically annually or quarterly. GDP is often used to assess the health of a nation's economy, providing insight into economic performance and growth trajectories. Economists and policymakers analyze GDP to make informed decisions regarding economic policy, investment strategies, and resource allocation. A rising GDP usually indicates economic expansion, while a declining GDP may signal a recession or economic difficulties.