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GROSS DOMESTIC PRODUCT AND NATIONAL INCOME: Gross domestic product (GDP) 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. 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. While the vast majority of domestic production is undertaken by domestic factors of production (national income is about 80% of gross domestic product) key differences do exist. The six main differences between gross domestic product and national income are (1) capital consumption adjustment, (2) indirect business taxes, (3) business transfer payments, (4) net foreign factor income, (5) government subsidies, and (6) statistical discrepancy.
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CONSUMER PRICE INDEX An index of prices of goods and services typically purchased by urban consumers. The Consumer Price Index (CPI) is compiled and published monthly by the Bureau of Labor Statistics (BLS), using price data obtained from an elaborate survey of 25,000 retail outlets and quantity data generated by the Consumer Expenditures Survey. The CPI is one of two key price indexes used as a measure of the price level and to estimate the inflation rate. The other is the GDP price deflator. The CPI is also officially designated as the Consumer Price Index for All Urban Consumers (CPI-U). Another noted price index is the Producer Price Index (PPI).
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for cardboard boxes.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Democracy is based on the conviction that man has the moral and intellectual capacity . . . to govern himself with reason and justice. " -- Harry Truman, 33rd U.S. president
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Imports
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