Which term defines the total market value of goods and services produced in a nation?

The term that defines the total market value of goods and services produced in a nation is Gross Domestic Product (GDP). GDP represents the economic output that occurs within a country's borders and includes all final goods and services produced over a specific time period, typically one year.

This figure serves as a comprehensive measure of a nation's overall economic activity, indicating the health and size of its economy. It is often used by policymakers, economists, and analysts to gauge economic performance and compare the economic health of different countries.

In contrast to other terms, Gross National Product (GNP) looks at the value of goods and services produced by a nation's residents, regardless of where they are located, but GDP focuses solely on production within the nation itself. Net Domestic Product adjusts GDP by accounting for depreciation, while Net National Income reflects total income received by residents of a nation, adjusting for taxes and subsidies. Thus, GDP is the most appropriate measure for assessing the total market value of production within a country's borders.