GDP is the Market Value . . .”
Output is valued at market prices.
“. . . Of All. . .”
Includes all items produced in the economy and legally sold in markets
“. . . Final . . .”
It records only the value of final goods, not intermediate goods (the value is counted only once).
“. . . Goods and Services . . .”
It includes both tangible goods (food, clothing, cars) and intangible services (haircuts, housecleaning, doctor visits).