What is the term for the market value of goods and services produced in a country in a year?

The market value of goods and services produced in a country within a specified period, typically a year, is referred to as Gross Domestic Product (GDP). GDP encompasses the total value of all finished goods and services produced within a country's borders and is a crucial indicator of a nation’s economic health. It reflects the economic activity and can indicate whether an economy is contracting or expanding.

National Income refers to the total income earned by a nation's residents, including wages, profits, rents, and taxes, but it does not solely measure the market value of produced goods and services. Gross National Product (GNP) includes GDP plus the net income earned by residents from investments abroad, which diverges from the specific definition of the market value of domestic goods and services. Economic Output is a more general term that could encompass GDP along with other measures but is not a standardized term like GDP.

Therefore, GDP is the precise term that captures the market value of all final goods and services produced in a country within a year, making it the correct choice.