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NOMINAL GDP: The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that nominal gross domestic product is measured in current, or actual prices; the prices buyers actually pay for goods and services purchased. Nominal gross domestic product is also termed current gross domestic product.
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NATIONAL INCOME AND NET DOMESTIC PRODUCT National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. Net domestic product (NDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. Although national income is generated by the production of net domestic product, the value of production does not entirely result in earned income. In other words, national income can be derived from net domestic product after a few adjustments.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a wall poster commemorating the first day of spring or a lazy Susan for you dining room table. Be on the lookout for gnomes hiding in cypress trees.
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This isn't me! What am I?
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The average bank teller loses about $250 every year.
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"To sit back and let fate play its hand out, and never influence it, is not the way man was meant to operate." -- John Glenn, astronaut, U.S. senator
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CPSC
Consumer Product Safety Commission
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