What is the definition of Gross Domestic Product (GDP)?

The definition of Gross Domestic Product (GDP) is indeed the total monetary value of all final goods and services produced within a country's borders. This measure is crucial for understanding the economic performance of a nation, as it aggregates all economic activity within that country's geographical boundaries over a given period, typically a year or a quarter.

GDP captures the value of both tangible goods, such as cars and computers, and intangible services, such as healthcare and education. This holistic view allows economists and policymakers to assess economic health, performance, and growth trends. By focusing on final goods and services, GDP avoids double counting that might occur if intermediate goods were included, as those products are used in the production of the final goods.

In contrast, the other options do not accurately define GDP. The first option refers to imports, which are not included in GDP as they do not reflect domestic production. The third option only addresses consumption by households without considering the total production across all sectors of the economy. Lastly, the fourth option discusses government financial assets, which are unrelated to the production of final goods and services within the country. These distinctions clarify why the definition provided in the correct answer is comprehensive and widely accepted in economic analysis.