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National Income Accounting: A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product (GDP), gross national product (GNP), and net national income (NNI).

Gross Domestic Product: the measure of an economy adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year)

Output expenditure model: total output responds to the demand for it.

Personal Consumption expenditure: the component statistic for consumption in GDP collected by the BEA. It consists of the actual and imputed expenditures of households and includes data pertaining to durable and non-durable goods, and services

Gross Investment: the measure of investment used to compute GDP. This is an important component of GDP because it provides an indicator of the future productive capacity of the economy

Nominal GDP: GDP as actually measured, thus in current dollars

Real GDP: a macroeconomic measure of the size of an economy adjusted for price changes (that is, adjusted for changes in the value of money: inflation or deflation

Price Index: an index that traces the relative changes in the price of an individual good (or a market basket of goods) over time

Underground Economy: refers to both legal activities, such as often found in construction and services industries where taxes are not withheld and paid, and illegal activities, such as drug dealing and prostitution

Gross National Product: former measure of the United States economy; the total market value of goods and services produced by all citizens and capital during a given period (usually 1 yr)

Business Cycle: recurring fluctuations in economic activity consisting of recession and recovery and growth and decline

Expansion: In business cycle, economic growth

Peak: In business cycle, height of economic prosperity

Contraction: In business cycle, a period of economic decline marked by falling real GDP

Recession: a recession is a business cycle contraction, a general slowdown in economic activity over a period of time

Depression: a sustained, long-term downturn in economic activity in one or more economies

Trough: Lowest point in economy

Leading Indicators: indicators in economics and finance used to predict the future

Lagging Indicators: indicators in economics and finance used to measure the past

Coincident Indicators: is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles.

Real GDP Per Capita: related to all economic indicators that are calculated, usually at the end of a fiscal year

Labor Productivity: Workforce productivity is the amount of goods and services that a labourer produces in a given amount of time.

Productivity Growth: a measure of output from a production process, per unit of input

Capital-to-labor ratio: For example, labor productivity is typically measured as a ratio of output

Capital Deepening: a term used in economics to describe an economy where capital per worker is increasing. This is also referred to as increase in the capital intensity.