Which of the following statements accurately describes the differences between the production approach and the expenditure approach to GDP calculation?

The production approach and the expenditure approach are two different ways to calculate a country's Gross Domestic Product (GDP). The production approach focuses on the total value of goods and services produced in an economy, adding up the output from all sectors like agriculture, manufacturing, and services. On the other hand, the expenditure approach looks at the total spending on goods and services, which includes consumption by households, investments by businesses, government spending, and net exports (exports minus imports). For example, if a country produces cars worth $10 million, that value would be counted in the production approach, while the money spent on those cars by consumers would be counted in the expenditure approach. Both methods should ideally give the same GDP number, but they highlight different aspects of economic activity.