Describe what gross domestic product is and how it is

Question

In a summary, address the following items:

1. Describe what gross domestic product is and how it is measured. There are several transactions that are excluded from measuring GDP such as financial transactions, second-hand goods, etc.
2. Explain what these excluded transactions are and why they are excluded.
3. Select one of these excluded transactions and give your thoughts on how GDP would currently change if that item were included.