Which of the following defines gross domestic product (GDP)?

Gross Domestic Product (GDP) is defined as the total value of all goods and services produced within a country over a specified period, typically measured annually or quarterly. This measure reflects a nation's overall economic activity and health, incorporating everything from consumer spending and business investments to government expenditures and net exports (exports minus imports).

Understanding GDP is crucial for assessing how well an economy is performing, as it indicates the economic productivity and allows comparisons across different economies or the same economy over time. It provides insights into whether a country is expanding or contracting economically.

The other options do not accurately represent GDP. Total government income or individual income taxes are tax-related measures but do not encompass the broader scope of economic activities that GDP represents. Similarly, the total value of all imports and exports must also consider domestic production to assess economic performance properly, making that option incomplete. GDP is a comprehensive indicator that integrates all these facets of an economy, focusing specifically on production rather than taxation or trade balances alone.