GDP stands for "Gross Domestic Product." It is a key economic indicator that measures the total monetary value of all final goods and services produced within a country during a specific period, usually measured quarterly or annually. GDP includes consumer spending, government spending, investments, and net exports (exports minus imports). It serves as a comprehensive scorecard of a country's economic health and size, reflecting how much economic activity occurs within its borders. Higher GDP is generally associated with economic growth, more jobs, and higher living standards, but it does not directly measure overall well-being or income distribution.