Which of the following statements accurately describe limitations of GDP as a measure of economic activity? Select all that apply.

Gross Domestic Product, or GDP, measures the total value of goods and services produced in a country, but it has some important limitations. One major limitation is that GDP does not account for household production, like cooking or childcare, which people do at home and contribute to well-being but are not bought or sold in the market. For example, if a parent stays home to take care of their children instead of hiring a nanny, this valuable work isn't reflected in GDP even though it supports the economy. Additionally, GDP does not measure income inequality, meaning it doesn't show how wealth is distributed among people, which can give a misleading picture of economic health. Lastly, GDP ignores environmental factors; it doesn’t consider whether the production of goods harms the environment or depletes natural resources, which is crucial for sustainable growth.