base year- is 

the year with which the values from other years are compared.

change in business inventories- The increase or decrease in the stocks of final

goods, intermediate goods, raw materials, and other inputs that businesses keep on
hand to use in production.

compensation of employees- refers to the benefits (cash, vacation, etc.) that an

employee receives in exchange for the service they provide to their employer.

corporate profits - is the money left over after a corporation pays all of its expenses.
All of the money collected by a corporation during the reporting period from services
rendered or sales of a product is considered top-line revenue.

current dollars- is a term describing income in the year in which a person, household,
or family receives it. 

Depreciation-  refers to an accounting method used to allocate the cost of a tangible or

physical asset over its useful life or life expectancy

disposable personal income, or after-tax - is how much money a person has to

spend after taxes and any other mandatory withholdings are taken from their paycheck. 

Income- is money that a person or a business receives in return for working,

providing a product or service, or investing capital. 

durable goods

expenditure approach- is a method for calculating a nation's gross domestic product
(GDP) by considering the private sector, investor, and government spending as well as
net exports. 

final goods and services- are goods and services that have been purchased for final
use or goods and services that will not be resold or used in production within the year.

fixed-weight procedure- A procedure that uses weights from a given base year

government consumption and gross

investment (G)

gross domestic product (GDP)- is the standard measure of the value added created
through the production of goods and services in a country during a certain period.

gross investment- consists of gross fixed investment, plus net investment in stocks
and work in progress.
gross national income (GNI)-) is the total amount of money earned by a nation's
people and businesses.

gross national product (GNP)

gross private domestic investment (I)- is a measure of the amount of money those
domestic businesses invest within their own country. 

income approach- sometimes referred to as the income capitalization approach, is a

type of real estate appraisal method that allows investors to estimate the value of a
property based on the income the property generates.

indirect taxes minus subsidies

intermediate goods- are products that are used in the production process to make
other goods, which are ultimately sold to consumers. ... Intermediate goods are typically
used directly by a producer, sold to another company to make another intermediary
good, or sold to another company to make a finished product.

national income- means the value of goods and services produced by a country during
a financial year. 

national income and product accounts- are part of the national accounts of the
United States. ... They use double-entry accounting to report the monetary value and
sources of output produced in the country and the distribution of incomes that
production generates.

net business transfer payments

net exports (EX - IM)

net interest

net investment- is the total amount of money that a company spends on capital assets,
minus the cost of the depreciation of those assets. This figure provides a sense of the
real expenditure on durable goods such as plants, equipment, and software that are
being used in the company's operations.

net national product (NNP)- refers to gross national product, i.e., the total market
value of all final goods and services produced by the factors of production of a country
or other polity during a given time period, minus depreciation.

nominal GDP- is an assessment of economic production in an economy but includes

the current prices of goods and services in its calculation. GDP is typically measured as
the monetary value of goods and services produced.
nondurable goods- are any consumer goods in an economy that are either consumed
in one use or used up over a short period of time (considered by the United States
Bureau of Economic Analysis to be within three years) and must be bought again in
successive purchases.

nonresidential investment- Expenditures by firms on capital such as commercial real

estate, tools, machinery, and factories. 

personal consumption expenditures (C)

personal income

personal saving- is the percentage of their disposable income that people save. 

personal saving rate

proprietors’ income- is the excess of revenue over explicit production cost of owner-
operated businesses and includes payments for labor, capital, land, and
entrepreneurship. 

rental income- is any payment you receive for the use or occupation of property.

residential investment- refers to the expenditure which people make on constructing

or buying new houses or dwelling apartments for the purpose of living or renting out to
others.

services

statistical discrepancy- is the difference between demand and supply in national

accounts. 

surplus of government enterprises- The excess of revenue over cost received by

government-operated firms that sell their output through markets and otherwise operate
like private, profit-oriented firms.

underground economy- refers to economic transactions that are deemed illegal, either
because the goods or services traded are unlawful in nature, or because transactions
fail to comply with governmental reporting requirements.

value added

weight

Expenditure approach to GDP: GDP = C + I + G + (EX - IM)- C = total spending by

consumers. I = total investment (spending on goods and services) by businesses. G =
total spending by government (federal, state, and local) (Ex - Im) = net exports (exports
- imports)

GDP = Final sales - Change in business inventories

Net investment = Capital end of period - Capital beginning of period