All the products made by a society over a given period of time (usually a year). In its natural and material form, it is made up of means of production and articles of consumption; in its value form it is made up of the value of the material used in social production which must be compensated (wear and tear of machines and equipment, production buildings and structures, raw and other materials, etc.) and of the newly created value which goes for consumption by the population and extended reproduction.