What is the measure of the market value in current dollars of all goods and services produced domestically in a year?

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GDP is the measure of the market value of all final goods and services produced within a country’s borders in a given year, and when described in current dollars it refers to nominal values using that year’s prices. This focuses on what is produced domestically and values it at the prices that prevailed in the period, which is exactly what the statement asks for. It’s also calculated using only final goods and services to avoid double counting the value of intermediate goods. Other measures mix in different concepts: GNP adds production by a country’s residents regardless of location (and subtracts production by foreigners at home), GDP per capita divides that value by population, and Net Domestic Product subtracts depreciation from GDP. None of these match the description as precisely as GDP does, given the emphasis on domestic production and current-year prices.