National Income and Product Accounts

An economic entity (such as a business, household, or local government) that is capable, in its own right, of owning assets, incurring liabilities, and in engaging in economic activities and in transactions with other entities.

A set of make, use, and supplementary tables that trace the flow of goods and services among industries in the production process, show the value added by each industry, and provide the detailed commodity composition of national output. See also “Annual I-O accounts” and “Benchmark I-O accounts.”

Part of the U.S. system of national economic accounts. The industry accounts, prepared by BEA, include the annual industry accounts, the benchmark input-output accounts, and the travel and tourism satellite accounts for the United States.

A group of establishments or companies that are engaged in the same or similar types of economic activity. In the U.S. statistical system, establishments are classified into industries based on the North American Industry Classification System.

A series whose movements are used to approximate the movements of a given NIPA component series. In general, an indicator series is available sooner or more frequently than the component series but is based on less comprehensive source data.

The measurement of GDP as the sum of income payments and other costs incurred in the production of final goods and services—that is, compensation of employees plus “taxes on production and imports less subsidies” plus net operating surplus plus consumption of fixed capital.

An economic account that records the sources of income for an economy, sector, or other economic entity, its current outlays, and its saving.

An estimation of the dollar value of certain economic transactions where market prices do not fully reflect the value of the transaction or where the service is provided without a monetary exchange. In the NIPAs, the largest imputations are for the rental value of owner-occupied housing, where the provision for housing services to the occupant does not involve an exchange between transactors, and for services provided by banks and other financial institutions without an explicit charge.

See “Capital gains or losses.”

The valuing of an asset at the prices prevailing at the time when it was acquired.