The market value of the goods and services produced by labor and property located within the borders of the United States. In 1991, GDP replaced gross national product (GNP) as the featured measure of U.S. production. (BEA)
Gross capital formation is measured by the total value of the gross fixed capital formation, changes in inventories and acquisitions less disposals of valuables for a unit or sector. (SNA)
The percentage of Output that goes to the purchase of a given Commodity. Total Gross Absorption is percentage of Output that goes to the purchase of all Intermediate Expenditures.
The term “gross” is a common means of referring to values before deducting consumption of fixed capital (generally used as in “gross capital stock” or “gross domestic product”); all the major balancing items in the accounts from value added through to saving may be recorded gross or net. (SNA)
Government units are unique kinds of legal entities established by political processes which have legislative, judicial or executive authority over other institutional units within a given area. (SNA)
Tables that show Federal Government and state and local government expenditures by the principal purpose that each program is intended to serve. NIPA tables 3.15-3.17 present government consumption expenditures classified by BEA\’s own functional categories. For Federal, these include defense and multiple nondefense categories. For state and local, these include education, health, public order and […]
A set of institutional units that have many of the characteristics of private businesses, but are owned by government. They sell their goods and services directly to the public for a price and thereby recover a significant part or all of their operating costs. Revenue from such sales are considered enterprise revenue if the good […]
Government Consumption Expenditures & Gross Investment is the final-demand component for government in the NIPAs. It includes consumption expenditures, which is shown as a purchase of services of general government, and gross investment, which is shown as purchases of structures and equipment. It excludes some categories of expenditures such as transfer payments, interest paid by […]
As part of the 2003 comprehensive NIPA revision, the treatment of government was changed to recognize government as a producer. General government is now treated as an intermediate industry and recognized as producing services (valued as the expense of providing those services). Services that are directly purchased (for example, college tuition) are now treated as […]
Goods are physical objects for which a demand exists, over which ownership rights can be established and whose ownership can be transferred from one institutional unit to another by engaging in transactions on markets; they are in demand because they may be used to satisfy the needs or wants of households or the community or […]
Economic input output
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