Term
| National Income Accounting |
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Definition
| The techique used to measure the overall production of the economy and other related variables for the nation as a whole. |
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Term
| Gross Domestic Product(GDP) |
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Definition
| The total market value of all final goods and services produced annually within the boudaries of the United States, whether by U.S. or foreign-supplied resources. |
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Definition
| Products that are purchased for resale or further processing or manufacturing. |
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Term
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Definition
| Goods and services that have been purchased for final use and not for resale or further processing or manufacturing. |
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Term
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Definition
| Wrongly including the value of intermediate goods in the gross domestic product; counting the same good or service more than once. |
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Term
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Definition
| The value of the product sold by a firm less the value of the products (materials) purchased and used by the firm to produce the product. |
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Term
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Definition
| The method that ads all expenditures made for final goods and services to measure the gross domestic product. |
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Term
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Definition
| The method that adds all the income geerated by the production of final goods and services to measure the gross domestic product. |
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Term
| Personal Consumption Expenditures (C) |
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Definition
| The expeditures of households for durable and nondurable consumer goods and services. |
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Term
| Gross Private Domestic Investment (Ig) |
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Definition
| Expenditures for newly produced capital goods (such as machinery, equipment, tools, and buildings) and for additions to inventories. |
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Term
| Net Private Domestic Investment |
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Definition
| Gross private domestic investment less consumptio of fixed capital; the additio to the nation's stock of capital during the year. |
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Term
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Definition
| Expenditures by government for goods and services that government consumes in providing public goods and for public (all social) capital that has a long lifetime; the expeditures of all governments in the economy for those final goods and services. |
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Term
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Definition
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Term
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Definition
| Total income earned by resource suppliers for their contributions to gross domestic product; equal to the gross domestic product minus nonincome charges, minus net foreign factor income. |
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Term
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Definition
| Such taxes as sales, excise, and business property taxes, license fees, and tariffs that firms treat as costs of producing a product and pass on (in whole or in part) to buyers by charging higher prices. |
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Term
| Consumption of Fixed Capital |
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Definition
| A estimate of the amout of capital worn out or used up (consumed) in producing the gross domestic product; also called depreciation. |
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Term
| Net Domestic Product (NDP) |
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Definition
| Gross domestic product less than part of the year's output that is needed to replace the capital goods worn out in producing the output; the nation's total output available for cosumption or additions to the capital stock. |
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Term
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Definition
| The earned and unearned income available to resource suppliers and others before the payment of personal taxes. |
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Term
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Definition
| Personal income less personal taxes; income available for personal consumption expenditures and personal savings. |
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Term
| Nominal Gross Domestic Product (GDP) |
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Definition
| The GDP measured in terms of the price level at the time of measurement (unadjusted for inflation). |
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Term
| Real Gross Domestic Product (GDP) |
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Definition
| Gross domestic product adjusted for inflation; gross domestic product in a year divided by the GDP price index for that year, the index expressed as a decimal. |
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Term
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Definition
| An index number that shows how the weighted-average price of a "market basket" of goods changes over time. |
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