base year  the year against which other years are measured
capital consumption allowance  the estimated value of depreciation plus the value of accidental damage to capital stock
chain-type real GDP growth  the geometric mean of the growth rates found using beginning and ending year prices
consumer price index (CPI)  a measure of the average price of goods and services purchased by the typical household
cost of living adjustment (COLA)  an increase in wages that is designed to match increases in prices of items purchased by the typical household
depreciation (of capital)  a reduction in the value of capital goods over time due to their use in production
disposable personal income (DPI)  personal income minus personal taxes
GDP price index  a broad measure of the prices of goods and services included in the gross domestic product
gross domestic product (GDP)  the market value of all final goods and services produced in a year within a country
gross investment  total investment, including investment expenditures required to replace capital goods consumed in current production
gross national product (GNP)  gross domestic product plus receipts of factor income from the rest of the world minus payments of factor income to the rest of the world
indirect business tax  a tax that is collected by businesses for a government agency
intermediate good  a good that is used as an input in the production of final goods and services
inventory  the stock of unsold goods held by a firm
national income (NI)  net national product minus indirect business taxes
net investment  gross investment minus capital consumption allowance
net national product (NNP)   gross national product minus capital consumption allowance
nominal GDP  a measure of national output based on the current prices of goods and services
personal income (PI)   national income plus income currently received but not earned, minus income currently earned but not received
price index  a measure of the average price level in an economy
producer price index (PPI)  a measure of average prices received by producers
real GDP  a measure of the quantity of goods and services produced, adjusted for price changes
transfer payment  the income transferred from one citizen, who is earning income, to another citizen
value added  the difference between the value of output and the value of the intermediate goods used in the production of that output