| A | B |
|---|
| national income accounting | a system of statistics and accounts that keeps track of production, consumption, saving, and investment in the economy |
| structures | category in the national income and product accounts that includes residential structures, apartments, and commercial buildings. |
| intermediate products | products used in making other products already counted in GDP |
| secondhand sales | the sales of used goods |
| nonmarket transactions | transactions that do not take place in the market |
| underground economy | unreported legal and illegal activities that do not show up in GDP statistics |
| Gross National Product | the dollar value of all final goods, services, and structures produced in one year with labor and property supplied by United States residents |
| net national product | GNP minus the capital consumption allowances |
| capital consumption allowances | depreciation and other deterioration of the capital stock that takes place as a result of production |
| national income | net national product minus all taxes |
| indirect business taxes | excise taxes, property taxes, licensing fees, customs duties, and general sales taxes |
| personal income | total amount of income going to consumers before individual income taxes are subtracted |
| retained earnings | corporate earnings kept by a corporation rather than being paid out to shareholders |
| undistributed corporate profits | retained earnings |
| disposable personal income | the total amount of income the consumer sector has at its disposal after individual income taxes |
| household | made up of all persons who occupy a house, apartment, or room that constitutes seperate living quarters |
| unrelated individual | person who lives alone or with nonrelatives even though he or she may have family living elsewhere. |
| family | a group of two or more persons related by blood, marriage, or adoption living together |
| output-expenditure model | a macroeconomic model used to show aggregate demand by the consumer, investment, government, and foreign sectors. |
| personal consumption expenditure | groceries, rent, books, automobiles, clothes, and almost anything else people buy |
| gross private domestic investment | represent the total value of capital goods created in the economy during the year |
| net exports of goods and services | foreign sector's purchases: refers to the difference between the United States's exports and imports |
| price index | a statistical series that can be used to measure changes in prices over time |
| market basket | goods representative of the purchases that will be made over time |
| consumer price index | reports on price changes for about 90,000 items in 364 categories. |
| producer price index | measures price changes received by domestic producers for their output |
| wholesale price index | formal name of producer price index |
| implicit GDP price deflator | measures price changes in GDP |
| current GDP | GDP measured in current prices, unadjusted for inflation |
| nominal GDP | another name for current GDP |
| real GDP | GDP after adjustments for inflation |
