National Income and Product Accounts

In economic accounting, an account that shows how saving is used to acquire nonfinancial assets, such as fixed assets and inventories. Also referred to as a “saving and investment account.”

A procedure for incorporating newly available source data so that the estimated levels of the time series are consistent with those of the source data. Incorporation of source data on a best-level basis is generally carried out as part of an annual or a comprehensive update.

A procedure for incorporating newly available source data so thatthe estimates provide accurate measures of change across time periods, though the levels of the estimates may not be consistent with the newer source data. Because, in general, the levels of economic time series are only revised as part of an annual or a comprehensive update, newly available source data are frequently incorporated into the current quarterly estimates on a best-change basis in order to avoid discontinuities in the time series.

See “Comprehensive NIPA updates.”

A statement showing the value of assets owned and the financial claims (or liabilities) incurred by an economic unit or sector at a specified point in time.

Net measure of transactions between the United States and the rest of the world in goods, services, income, and current transfers.

See “International transactions accounts.”

A supplementalmeasure of economic activity that equally weights the measures of GDP andGDI.

In the U.S. national economic accounts, the asset boundary includes transactions involving financial assets and produced and nonproduced nonfinancial assets.

Entity that functions as a store of value and over which ownershiprights are enforced and from which economic benefits may be derived bythe owner.