The following transactions took place in Ecoland last year: Item Wages paid to labor Consumption expenditure Taxes paid on wages Government transfer payments Firm's profits Investment Taxes paid on profits Government purchases of goods and services Export earnings Saving Import payments Value of transaction (billions of dollars) $800,000 600,000 200,000 50,000 200,000 250,000 50,000 200,000 300,000 250,000 250,000 Use the expenditure approach to calculate Fronland's GDP What is GDP?