Create an account
national income and product accounts
data collected and published by the government describing the various components of national income and output
gross domestic product (GDP)
the total market value of all final goods and services produced within a given period by factors of production located within a country's physical boundaries
the difference between the value of goods as they leave a stage of production and their value upon entering that stage
gross national product (GNP)
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 production location
a method of computing GDP that measures the total amount spent on all final goods and services during a given period
a method of computing GDP that measures the income (wages, rents, interest, and profits) recieved by all factors of production in producing final goods and services
gross private domestic investment (I)
total investment in capital; new housing, plants, equipment, and inventory by the private sector
change in business inventories
the amount by which firms' inventories change during a period (inventories = produced now, sold later)
government consumption and gross investment (G)
expenditures by federal, state, and local governments for final goods and services
compensation of employees
includes wages, salaries, and various supplements paid to households by firms and by the government
indirect taxes minus subsidies
taxes such as sales taxes, customs duties, and license fees minus subsidies that the government pays for which it recieves no goods or services in return
the amount of disposable income that is left after total personal spending in a given period
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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