Term
| national income and product accounts |
|
Definition
| data collected and published by the government describing the various components of national income and output in the economy |
|
|
Term
| gross domestic product (GDP) |
|
Definition
| the total market value of all final goods and services produced within a given period by factors of production located within a country |
|
|
Term
|
Definition
| goods and services produced for final use |
|
|
Term
|
Definition
| goods that are produced by one firm for use in further processing by another firm |
|
|
Term
|
Definition
| the difference between the value of goods as they leave a stage of production and the cost of the goods as they entered that stage |
|
|
Term
| gross national product (GNP) |
|
Definition
| the total market value of all final goods and services produced within a given period by factors of production owned by a country's citizens, regardless of where the output is produced |
|
|
Term
|
Definition
| a method of computing GDP that measures the total amount spent on all final goods and services during a given period |
|
|
Term
|
Definition
| a method of computing GDP that measures the income, wages, rents, interest, and profits received by all factors of production including final goods and services |
|
|
Term
| personal consumption expenditures |
|
Definition
| expenditures by consumers on goods and services |
|
|
Term
|
Definition
| goods that last a relatively long time, such as cars and household appliances |
|
|
Term
|
Definition
| goods that are used by up fairly quickly, such as food and clothing |
|
|
Term
|
Definition
| the things we buy that do not involve the production of physical things, such as legal and medical services and education |
|
|
Term
| gross private domestic investment |
|
Definition
| total investment in captial - purchasing of new housing, plants, equipment, and inventory by the private (or nongovernment) sector) |
|
|
Term
| nonresidential investment |
|
Definition
| expenditures by households and firms on new houses and apartment buildings |
|
|
Term
|
Definition
| expenditures by households and firms on new houses and apartment buildings |
|
|
Term
| change in business inventories |
|
Definition
| the amount by which firms' inventories change during a period. inventories are the goods that firms produce now but intend to sell later |
|
|
Term
|
Definition
| the amount by which an asset's value falls in a given period |
|
|
Term
|
Definition
| the total value of all newly produced capital goods (plant, eqiupment, housing, and inventory) produced in a given period |
|
|
Term
|
Definition
| gross investment minus deprication |
|
|
Term
| government consumption and gross investment |
|
Definition
| exependitures by federal, state, and local governments for final goods and services |
|
|
Term
|
Definition
| the difference between exports and imports |
|
|
Term
|
Definition
| the total income earned by the factors of production owned by a country's citizens |
|
|
Term
| compensation of employees |
|
Definition
| includes wages, salaries, and various supplements - employer contributions to social insurance and pension funds, for example - paid to households by firms and by the government |
|
|
Term
|
Definition
| the income of unincorporated businesses |
|
|
Term
|
Definition
| the income received by property owners in the form of rent |
|
|
Term
|
Definition
| the net income of corporations |
|
|
Term
|
Definition
| the interest paid by a business |
|
|
Term
| indirect taxes minus subsideis |
|
Definition
| taxes such as sales taxes, customs duties, and license fees less subsidies that the government pays for which it receives no goods or services in return |
|
|
Term
| net business transfer payments |
|
Definition
| net transfer payments by businesses to others |
|
|
Term
| surprlus of government enterprieses |
|
Definition
| income of government enterprises |
|
|
Term
|
Definition
| gross national product minus deprecation; a nations total product minus what is required to maintain the value of its capital stock |
|
|
Term
|
Definition
|
|
Term
|
Definition
| total income of households |
|
|
Term
|
Definition
| the importance attached to an item within a group of items |
|
|
Term
|
Definition
| gross domestic product measured in current dollars |
|
|
Term
|
Definition
| the percentage of disposable personal income that is saved. if the personal saving rate is low, households are spending a large amount relative to their income. if it is high, households are spending cautiously |
|
|
Term
|
Definition
| the amount of disposable income that is left after total personal spending in a given period |
|
|
Term
| disposable personal income |
|
Definition
| personal income minus personal income taxes. the amount that households have to spend or save |
|
|
Term
|
Definition
| the year chosen for th weights in a fixed-weight procedure |
|
|
Term
|
Definition
| a procedure that uses weight from a given base year |
|
|
Term
|
Definition
| the part of the economy in which transaction take place and in which income is generated that is unreported and therefore not counted in GDP |
|
|
Term
|
Definition
| GNP converted into dollars using an average of currency exchange rates over several years adjusted for rates of infaltion |
|
|
