Glossary

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

Estimates of the value of certain income and product flows that do not take measurable monetary form. In the national income and product accounts (NIPAs) for example, BEA imputes a rental value to owner-occupied housing and a value to services that banks and other depository institutions provide without charge.

Payments that result from the ownership of assets. It includes interest payments, dividend payments, reinvested earnings on foreign direct investment in the United States, and rents and royalties paid by private enterprises to government.

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).

Show the relationships between all the industries in the economy and all the commodities that these industries produce and use. The estimates of purchases of commodities are shown in producers' prices. The I-O accounts consist of the make table, use table, direct requirements table, and total requirements tables. The make and use table are prepared in two different ways. The first way uses the Standard Industrial Classification System (SIC) or the North American Industry Classification System (NAICS). The second way begins with the SIC or NAICS but includes adjustments (redefinitions and reclassifications) that move some secondary products from one industry to another to attain a common input structure for commodities produced by industries. The direct requirements table and total requirements tables are computed from the make and use tables with redefinition and reclassifications.

Estimate of output required to satisfy a given level of final use. There are three I-O output requirements, all of which correspond to the total requirements tables. The first shows the total commodity output required to deliver a dollar of a commodity to final uses. The second shows the total industry output required to deliver a dollar of a commodity to final uses. The third shows the total industry output required to deliver a dollar of an industry's output to final uses.

Loans, trade credits, and other transactions in intercompany account payables or receivables between U.S. parent companies and their foreign affiliates, or between U.S. affiliates and their foreign parents or other members of their foreign parent groups.

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.

Government interest paid to persons.

Goods and services that are used in the production process of other goods and services and are not sold in final-demand markets.

Purchases of intermediate inputs made by industries or government.

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).

An adjustment made in the national income and product accounts (NIPAs) to corporate profits and to proprietors' income in order to remove inventory "profits," which are more like a capital-gain than profits from current production.

Foreign residents' investment in U.S. assets.

A fixed-weighted price index that is computed as the sum of base-period quantities valued at current-period prices divided by the sum of base-period quantities valued at base-period prices.

A mathematical technique which is used at BEA to estimate the input-output (I-O) total requirement coefficients and RIMS II multipliers.

Income that is received by, or on behalf of, all persons who live in the local area. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj), rental income of persons with CCAdj, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance. Estimates of local area personal income are presented by the place of residence of the income recipients. All estimates of local area personal income are in current dollars (not adjusted for inflation).

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

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

A table in the input-output (I-O) accounts. The make table shows the production of commodities by industries. It shows the value, in producers' prices, of each commodity produced by each industry. In each row, one "diagonal" cell shows the value of the production of the commodity for which the industry has been designated the primary producer. The entries in the other cells in the row show the values of the production of commodities for which the industry is a secondary producer. The entries in each column of the make table represent the production by both primary and secondary producers of the commodity in the column.

The value of the trade services provided in delivering commodities from producers' establishments to purchasers, where the purchaser pays for the services.

Data series, released by the U.S. Treasury, which summarizes the financial activities of the federal government and off-budget Federal entities in accordance with the Budget of the U.S. Government.