Term
| National Income and Product Accounts |
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Definition
| Data collected and published by the government describing the various components of national income and output in the economy. |
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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 within a given period by factors of production located within a country.
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Term
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Definition
| Goods and services produced for final use. |
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Term
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Definition
| Goods that are produced by one firm for use in further processing by another firm. |
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Term
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Definition
| The difference between value of goods as they leave a stage of production and the cost of the goods as they enter that stage. |
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Term
| Gross National Product (GNP) |
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Definition
| The total market value of all final goods ans services produced within a given period by factors of production owned by a country's citizens, reguardless of where the output in produced. |
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Term
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Definition
| A method of computing GDP that measures the total amount spent on all final goods and services during a given period. |
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Term
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Definition
| A method of computing GDP that measures income (wages, rents, interest, and profits) recieved by all factors of production in producing final goods and services. |
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Term
| Personal comsumption expenditures (C) |
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Definition
| Expenditures by consumers on goods and services. |
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Term
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Definition
| Goods that last a relatively long time, such as cars and household appliances. |
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Term
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Definition
| Goods that are used up fairly quickly, such as food and clothing. |
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Term
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Definition
| The things we buy that do not involve the production of physical thingsm such as legal and medical services and education. |
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Term
| Gross Private Domestic Investment (I) |
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Definition
| Total investment in capital. That is, the purchase of new housing, plants, equipment, and inventory by the private or nongovernmental sector. |
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Term
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Definition
| Expenditures by firms for machines, tools, plants, and so on. |
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Term
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Definition
| Expenditures by households and firms on new houses and apartment buildings. |
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Term
| Change in Business Inventories |
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Definition
| The amount by which firms' ubventories change during a period. Inventories are the goods that firms produce now but intend to use later. |
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Term
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Definition
| The amount by which an asset's value falls in a given period. |
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Term
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Definition
| The total value of all newly produced capital goods (plant, equipment, housing, and inventory) produced in a given period. |
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Term
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Definition
| Gross investment minus depreciation. |
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Term
| Government consumption and gross investment (G) |
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Definition
| Expenditures by federal, state, and local governments for final goods and services. |
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Term
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Definition
| The difference between exports and imports. The figure can be positive or negative |
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Term
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Definition
| The total income earned by the factors of production owned by a countries citizens. |
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Term
| Compensation of employees |
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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. |
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Term
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Definition
| The income of unincorporated businesses. |
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Term
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Definition
| The income recieved by property owners in the form of rent. |
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Term
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Definition
| The income of corporations. |
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Term
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Definition
| The interest paid by businesses. |
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Term
| Indirect taxes minus subsidies |
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Definition
| Taxes such as sales taxes, customs duties, and license fees less subsities that the government pays for which it recieves no goods or services in return. |
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Term
| Net business transfer payments |
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Definition
| Net transfer payments by businesses to others. |
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Term
| Surplus of government enterprises |
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Definition
| Income of government enterprises. |
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Term
| Net National Product (NNP) |
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Definition
| Gross national product minus depriciation; a nation's total product minus what is required to maintain the value of its capital stock. |
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Term
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Definition
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Term
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Definition
| The total income of households. |
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Term
| Disposable personal income or after-tax income |
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Definition
| Personal income minus personal income taxes. The amount that households have to spend or save. |
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Term
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Definition
| The amount of disposable income that is left after total personal spending in a given period. |
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Term
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Definition
The percentage of disposable personal income that is saved.
1.If the personal saving rate is low, households are spending a large amount relative to their incomes
2. If it is high, households are spending cautiously |
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Term
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Definition
| The current prices that we pay for goods and services. |
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Term
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Definition
| Gross domestic product measured in current dollars. |
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Term
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Definition
| The importance attached to an item within a group of items. |
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Term
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Definition
| The year chosen for the weights in a fixed-weight procedure. |
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Term
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Definition
| A procedure that uses weights from a given base year. |
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Term
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Definition
| Is a measure of the overall price level. |
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Term
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Definition
| The part of the economy in which transactions take place and in which income is generated that is unreported and therefore not counted in GDP. |
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