Which of the following statements best reflects the limitations of GDP as a measure of economic well-being, particularly regarding household production?

Gross Domestic Product (GDP) measures the total value of all goods and services produced in a country, but it has important limitations when it comes to understanding economic well-being. One major limitation is that GDP does not account for household production, which includes valuable activities like cooking, cleaning, and childcare that families do at home. For example, if a parent stays home to take care of their children instead of working for pay, this work is not included in GDP, even though it contributes significantly to the family's well-being and the economy. This means that GDP can underestimate the true economic contributions and quality of life for many people, especially those who engage in unpaid labor. Therefore, while GDP gives us a snapshot of economic activity, it doesn't fully capture how well people are living or the value of all the work that happens outside the formal economy.