National Income and Product Accounts

A measure of the relationship between the prices that are received by U.S. producers for exports of goods and services and the prices that are paid by U.S. purchasers for imports of goods and services. It is calculated as the ratio of the price index for exports of goods and services to the price index for imports of goods and services. Ratios for the terms of trade in goods and in nonpetroleum goods are also prepared.

An adjustment made by BEA to IRS tax-return data in order to account for underreported income or for illegal nonfiling of tax returns.

A nonprofit business organization that is collectively owned by its members. In the NIPAs, these organizations are classified in the “other” private business sector, and their income is classified as proprietors’ income.

An international set of guidelines for a system of economic accounts, published by the Commission for the European Communities, the International Monetary Fund, the Organization for Economic Co- operation and Development, the United Nations, and the World Bank. The SNA organizes information about the flows and stocks that describe an economy within a comprehensive, integrated framework. The SNA provides the general accounting framework for the national economic accounts for the United States and other countries. The most recent edition of the SNA was published in 2008.

BEA’s monthly journal of record. Articles in the Survey present the latest national, international, regional, and industry estimates; describe the methodologies used to prepare the estimates; provide information about revisions; and discuss on-going research.

In classification by legal form of organization in the NIPAs, sole proprietorships comprises all entities that are required to file IRS Schedule C (Profit or Loss from Business) or Schedule F (Profit or Loss From Farming) or would be if the proprietor met the filing requirements.

BEA classification that consists of the following North American Industry Classification System sectors: utilities; wholesale trade; retail trade; transportation and warehousing; information; finance and insurance; real estate and rental and leasing; professional, scientific, and technical services; management of companies and enterprises; administrative and waste management services; educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services (except government).

Refers to a major subdivision of units in the economy. In the NIPAs, the term is used both (1) in the classification of institutional units and (2) in the classification of economic activities.

(1) A group of institutional units that are similar in function, behavior, and objectives and whose accounts are consolidated to facilitate analysis. In the NIPAs, the three principal sectors for domestic production are business, households and institutions, and general government.

This vintage of the current quarterly NIPA estimates is released near the end of the second month that follows the end of the reference quarter. For most GDP components, the second estimate is based on source data for all 3 months of the quarter, some of which may have been revised since the “advance” estimate and some of which may still be subject to further revision.

Statistical adjustment of a time series that removes the average effect of variations that normally occur at about the same time and in about the same magnitude each year—for example, the effects of weather or of holidays. After seasonal adjustment, trends, business cycles, and other movements in the time series stand out more clearly.