Glossary

The value of services produced by government, measured as the purchases made by government on inputs of labor, intermediate goods and services, and investment expenditures. It is the sum of government consumption expenditures and government gross investment.

Includes all production by households, which consists of families and unrelated individuals, and by nonprofit institutions that primarily serve households (NPISHs).

Goods and services purchased by U.S. residents from foreign residents.

Consists of compensation paid to foreign residents, income payments on assets to the rest of the world (which includes interest and dividends paid to the rest of the world), and reinvested earnings on foreign direct investment in the United States.

Consists of compensation paid to U.S. residents by foreigners, income receipts on assets from the rest of the world (which includes interest and dividends received from the rest of the world), and reinvested earnings on U.S. direct investment abroad (USDIA).

Consist of interest paid by domestic private enterprises and rents and royalties paid by private enterprises to government.

Includes rents and royalties received by government from private enterprises, including both monetary and imputed interest receipts.

Value of accumulated stocks of U.S.-owned assets abroad and the accumulated values of foreign-owned assets in the United States at a point in time; the net IIP is the former minus the latter.

Receipts and payments between U.S. affiliates and their foreign parents, and between U.S. parents and their foreign affiliates, for services provided to one another. They consist of royalties and license fees for the use or sale of intangible property or rights (including patents, trademarks, and copyrights) and of receipts and payments for other private services (such as service charges, rentals for tangible property, and film and television tape rentals).

A foreign affiliate in which the combined ownership of all U.S. parents exceeds 50 percent.

BEA's economic accounts that display the value and composition of national output and the distribution of incomes generated in its production.

The market value of the goods and services produced by labor and property in the United States less the value of the fixed capital used up in production; equal to gross domestic product (GDP) less consumption of fixed capital (CFC). NDP may be viewed as an estimate of sustainable product, which is a rough measure of the level of consumption that can be maintained while leaving capital assets intact.

Exports of goods and services minus imports of goods and services.

The difference between government current receipts and government current expenditures, formerly called current surplus or deficit (-), national income and product accounts.

A statistic tabulated from the tax returns of sole proprietors and partnerships; used in the estimation of nonfarm proprietors' income by state and county.

An indirect measure of the net acquisition of foreign assets by U.S. residents less the net acquisition of U.S. assets by foreign residents. It is equal to the balance on current account, national income and product accounts less capital transfers to the rest of the world (net).

The market value of goods and services produced by labor and property supplied by U.S. residents, less the value of the fixed capital used up in production; equal to gross national product (GNP) less consumption of fixed capital (CFC).

A profits-like measure that shows business income after subtracting the costs of compensation of employees (received), taxes on production and imports less subsidies, and consumption of fixed capital (CFC) from value added, but before subtracting financing costs and business transfer payments. Consists of the net operating surplus of private enterprises and the current surplus of government enterprises.

Tangible products that can be stored or inventoried and that have an average life of less than three years.

Payments consisting of U.S. government military and nonmilitary grants-in-cash and grants-in-kind to foreign governments.

See Corporate profits with IVA and CCAdj

Earnings from the rental of real property by persons who are not primarily engaged in the real estate business. It also includes the imputed net rental income of owner-occupants and the royalties received by persons from patents, copyrights, and rights to natural resources.

Services sold in international markets through the channel of direct investment. From the U.S. viewpoint, it consists of sales of services to foreigners by foreign affiliates of U.S. companies and U.S. purchases of services from other countries' U.S. affiliates. It is one of two channels in the delivery of services in international markets; the other is cross-border trade in services.

Products that cannot be stored and are consumed at the place and time of their purchase.

A U.S. system for classifying economic activity; superceded by the North American Industry Classification System (NAICS).