Term
| National income and product accounts (NIPA) |
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Definition
| the national accounts that measure the overall production and income of the economy for the nation as a whole |
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Term
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Definition
| the total market value of all final goods and services produced annually within the borders of the united states, whether by U.S. or by foreign-supplied resources |
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Definition
| products that are purchased for resale or further processing or manufacturing |
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Definition
| products, capital goods, and services that have been purchased for final use and not for resale or further processing or manufacturing |
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Term
| Personal consumption expenditures (C) |
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Definition
| expenditures by households for durable goods, non-durable goods, and services |
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Term
| Gross private domestic investment (I) |
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Definition
| expenditures for newly produced capital goods (such as plant and equipment) and for additions to inventories |
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Definition
| government expenditures on final goods, services, and publicly owned capital |
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Definition
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Definition
| gross domestic product measured in terms of the price level at the time of measurement (i.e. GDP that is unadjusted for inflation) |
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Term
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Definition
| gross domestic product measured in terms of the price level in a base period (i.e. GDP that is adjusted for inflation |
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Term
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Definition
| the expansion of real GDP (or real GDP per capita) over time |
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Term
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Definition
| real output divided by population |
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Term
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Definition
| real output per hour of work |
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Term
| Labor-force participation rate |
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Definition
| the percentage of the working-age population actually in the labor force |
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Term
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Definition
| the bookkeeping of the supply-side elements that contribute to changes in real GDP |
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Term
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Definition
| public and private capital goods that buttress and economy's production capacity (for example, highways, bridges, airports, public transit systems, wastewater treatment facilities, educational facilities, and telecommunications systems that complement private capital) |
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Definition
| the knowledge and skills that make a worker productive |
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Term
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Definition
| reductions in per-unit production casts that result from increases in the size of markets and firms |
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Term
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Definition
| new and more efficient methods of delivering and receiving information through use of computers, fax machines, wireless phones, and the internet |
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Definition
| new firms focused on creating and introducing particular new products or employing specific new production or distribution methods |
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Term
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Definition
| a firms output increased by a larger percentage than the increase in its inputs |
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Term
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Definition
| increases in the value of a product to each user, including existing users, as the total number of users rises |
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Term
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Definition
| achieving greater productivity and lower average total costs through gains in knowledge and skill that accompany repetition of a task |
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