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A term used prior to the 2003 comprehensive NIPA revision for the residual component of value added, sometimes referred to as profit type income. For most industries, OVA was derived by subtracting total intermediate inputs, compensation of employees, and indirect business tax and nontax liability from total industry output. It included consumption of fixed capital, […]
Secondary products that are neither redefined nor reclassified. For these products, which generally have inputs similar to those of the primary products of the industry where they are produced, BEA follows the Census classification. Thus, no adjustments are made that affect either industry or commodity output. (BEA)
Other property income (OPI) represents gross operating surplus minus proprietor income. OPI includes consumption of fixed capital (CFC), corporate profits, and business current transfer payments (net). It includes income derived from dividends, royalties, corporate profits, and interest income. Thus, OPI provides a source of income for households, business, and governments. However, I-O models by default treat […]
A component of personal income that includes employer payments to private pension and profit-sharing plans, publicly administered government employee retirement plans, private group health and life insurance plans, privately administered workers’ compensation plans, supplemental unemployment benefit plans, and several minor categories of employee compensation. The NIPAs now refers to OLI as employer contributions for employee […]
An Opportunity Cost is the benefit that is lost when one choice is made over another.
Not specified by kind. (BEA)
NPISHs (non-profit institutions serving households) consist of NPIs which are not predominantly financed and controlled by government and which provide goods or services to households free or at prices that are not economically significant. (SNA)
Consist of three types of services: (1) Services that are produced and consumed abroad, such as airport expenditures by U.S. airlines in foreign countries; (2) services imports that are unique, such as payments for the rights to patents, copyrights, or industrial processes; and (3) services imports that cannot be identified by type, such as payments […]
Not elsewhere classified. (BEA)
North American Product Classification System. A comprehensive demand-oriented product classification system that is being developed by the United States, Canada, and Mexico. NAPCS is designed to complement NAICS, the supply-oriented industry classification system introduced for 1997. In particular, NAPCS will focus on improving the identification, definition, and classification of the products produced by the services […]
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