Household production, such as baking bread at home, is not included in GDP because it does not involve a market transaction.
Gross domestic product (GDP) is a monetary indicator of the total market worth of all the finished products that nations create over a certain time period. This measurement is frequently changed before it can be trusted as an indicator because of how complicated and subjective it is.
The total amount of money spent during a specific time period by firms, consumers, and the government may be used to compute GDP. It may also be determined by adding up the total amount of money that each economic participant has received. The figure represents an estimate of "nominal GDP" under both scenarios.
To learn more about GDP from the given link:
https://brainly.com/question/1383956
#SPJ4
