| Capital stock | the total value of productive assets that provide a flow of revenue
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| Depreciation | the decrease in value of durable real assets over time
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| Disposable income | household income minus personal taxes and other personal transfers to government
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| Double-counting | the problem of adding to GDP the same item at different stages in its production
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| Durable goods | goods that are consumed repeatedly over time
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| Expenditure approach | a method of calculating Gross Domestic Product by adding together all spending in the economy
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| Expenditure equation | the equation that states that GDP is the sum of personal consumption (C), gross investment (I), government purchases (G), and net exports (X – M)
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| Exports | foreign purchases of Canadian goods and services
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| Final products | products that will not be processed further and will not be resold
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| GDP identity | Gross Domestic Product calculated as total income is identical to Gross Domestic Product calculated as total spending
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| Government purchases | current government spending on goods and services
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| Gross Domestic Product | the total dollar value at current prices of all final goods and services produced in Canada over a given period
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| Gross investment | purchases of assets that are intended to produce revenue
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| Gross National Product | the total income acquired by Canadians both within Canada and elsewhere
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| Imports | Canadian purchases of goods and services from the rest of the world
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| Income approach | a method of calculating Gross Domestic Product by adding together all incomes in the economy
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| Intermediate products | products that will be processed further or will be resold
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| Inventories | stocks of unsold goods and materials
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| National income accounts | accounts showing the levels of total income and spending in the Canadian economy
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| Net domestic income | the total income earned by households supplying resources in Canada
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| Net exports | exports minus imports
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| Net investment | gross investment minus depreciation
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| Nondurable goods | goods that are consumed just once
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| Nonmarket activities | productive activities that take place outside the marketplace
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| Per capita GDP | GDP per person, calculated as GDP divided by population
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| Per capita real GDP | GDP per person, expressed in constant dollars from a given year
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| Personal consumption | household spending on goods and services
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| Personal income | the income actually received by households
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| Personal saving | funds saved by households
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| Real GDP | GDP expressed in constant dollars from a given year
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| Retained earnings | profits kept by businesses for new investment
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| Transfer payments | government payments to households or other levels of government
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| Underground economy | all the market transactions that go unreported
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| Value added | the extra worth of a product at each stage in its production; a concept used to avoid double-counting in calculating GDP
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2002 McGraw-Hill Higher Education