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As far as term is concern it is "Gross Domestic Product". If we talk simply then we can say its a contribution from an individual in the national economy through sevices or producing goods.
The GDP or the Gross Domestic Prodcution is simply everything that a country's economy produces (goods, services, etc.) in a given year, and it's regarded as the best way to measure the economy.
It's "an economy's all", as IMF's Tim Callen puts it, adding that, "It counts all of the output generated within the borders of a country. GDP is composed of goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government".
