I am a little confused on some terms in Google's Adwords Traffic Estimator. Please take a look at the screenshot.
I don't really use the traffic estimator but yes, the number is for the geographic region you set in your campaign. Also for the language you select I believe. It should also be the clicks it estimates you will get from search only. Note that since the system cannot possibly know your CTR, the estimate is based on the average CTR across all advertisers for that keyword. Note too it's for the top positions, lower positions get lower click rates.
I don't think the estimated clicks include Adsense; at least I hope they don't since many of those clicks are garbage (bots/paid-clickers/etc.). My understanding is that local references your country.
LMS means the search for your porduct according to google stas and EDC means how many clicks estimated acording to your add keyword you used. i use this stats when i started adwords but if you trust theis stats than it is better to use live google serach for your product and comparison it with this shot you represented and you will get your answer.
Your geographic region is the regional targeting setting for your campaign - not necessarily your country.