Advertisement Upgrade to remove ads

national-income accounting

The techniques used to measure the overall production of the economy and other related variables for the nation as a whole.

Gross domestic product

the dollar amount of all final goods and services produced within a country's borders in a year.

Per capita GDP

The dollar value of GDP divided by total population; average GDP

Intermediate goods

goods used in the production of final goods

value added

the market value a firm adds to a product at each stage in the production process

Nominal GDP

the GDP measured in terms of the price level at the time of measurement (unadjusted for inflation)

real GDP

gross domestic product (GDP) adjusted to account for changes in currency values and price changes

base period

year used as a point of comparison for other years in a series of statistics

Inflation

an increase in the average level of prices of goods and services

Production Possibilities

The alternative combinations of final goods and services that could be produced in a given time period with all available resources and technology

depreciation

decrease in value of an asset due to obsolescence or use

net domestic product

gross domestic product minus depreciation

gross investment

total investment by businesses on plant, equipment, and inventory goods before depreciation.

net investment

gross investment minus depreciation

net exports

value of exports minus the value of imports

National Income NI

total income earned by everyone in the economy

Personal Income PI

the earned and unearned income available to resource suppliers and others before the payment of personal taxes

Disposable Income DI

personal income - personal taxes; income for expenditures and savings

saving

part of disposable income not spent on consumption

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set