What is Gross Domestic Product (GDP)?

The correct answer is Option (3) → Value of all final goods and services produced within a country during a particular year

Gross Domestic Product is the market value of all final goods and services produced within the geographical boundaries of a country in a given year.

Only final goods are counted; including intermediate goods as well would count the same output more than once, which is the error of double counting. Because it is measured within the boundary, GDP includes production by foreign firms in the country but excludes what its residents earn abroad.