What term refers to the total value of goods and services produced in a country valued at current prices?

The term that refers to the total value of goods and services produced in a country and measured at current prices is Nominal GDP. This metric calculates the value of all finished goods and services produced within a country's borders in a specific time period, typically a year or a quarter, without adjusting for inflation or deflation. As such, Nominal GDP reflects the market value based on current prices, making it useful for snapshot assessments of economic performance in monetary terms.

In contrast, Real GDP adjusts for changes in price levels and provides a more accurate reflection of an economy’s size and how it’s growing over time. Gross National Product focuses on the total economic output produced by a country's residents, regardless of whether that production occurs domestically or abroad. Net Domestic Product accounts for depreciation in the value of assets over time, providing a measure of sustainability in production but not simply valuing the output based on current prices. Each of these alternatives serves a different analytical purpose, but when simply assessing the value of production at current prices, Nominal GDP is the relevant term.