InstructionFor this Discussion Board, please complete the following: Economics is the study of how to allocate scarce resources in light of the fact that people have limited funds. To do that, people need measures of the economy. In economics, measuring the size of the economy is an important task. Gross domestic product (GDP) measures the total of the goods and services produced in a country for a specific period of time (normally on a quarterly or annual basis). It is made up of the following four parts: Consumption (C): Expenditures (spending) by households on goods and services, both nationally and internationally Investment (I): Expenses that businesses make on goods, such as buildings, factories, and equipment; includes inventory increases caused by goods that were produced but not sold Government (G): Expenditures on goods and services Net exports (XN): Measures the difference between exports to other countries and imports of goods coming from other countries; when exports are greater than imports, it adds to the GDP, and when imports are greater than exports, it reduces the GDP This video discusses what GDP is. This video provides more information on GDP. In your Discussion Board, please respond to the following: What are the strengths associated with using GDP as a measure of economic performance and activity? You are also welcome to discuss the personal impact of GDP on your life in this respect. What are the weaknesses associated with using GDP as a measure of economic performance and activity? You are also welcome to discuss the personal impact of GDP on your life in this respect. Responses to Other Students: Respond to at least 2 of your fellow classmates with at least a 50–100-word reply about their Primary Response regarding items you found to be compelling and enlightening. To help you with your discussion, please consider the following question: