Step 1: Understand the problem.
We have 5 green, 4 blue, 3 red toys. We need at least one green AND at least one blue toy. Red toys are optional (zero or more).
Step 2: Count selections from green toys (at least 1).
Each green toy is either selected or not: $2^5 = 32$ total subsets. Exclude the empty subset: $32-1=31$ ways to choose at least one green toy.
Step 3: Count selections from blue toys (at least 1).
Similarly, $2^4 = 16$ total subsets of blue toys. Exclude empty: $16-1=15$ ways.
Step 4: Count selections from red toys (any number, including none).
Red toys have no restriction. Each of the 3 red toys is in or out: $2^3=8$ ways.
Step 5: Apply the multiplication principle.
The three choices are independent of each other. Total combinations: \[ 31 \times 15 \times 8 \]
Step 6: State the answer.
\[ \boxed{31 \times 15 \times 8} \]