-The process macroeconomists use to track production, income, and consumption is known as national income accounting and provides information about a country's economic activities.
-The most widely used NIPA is Gross Domestic Product.
-To actually compute GDP, economists use the output-expenditure model.
-Personal consumption expenditures include durable goods, nondurable goods, and services.
-Gross investment is the total value of all capital goods produced in a given country in one year as well as changes in the dollar value of business inventories.
-Indirect taxes are taxes included in the final price of goods and services.
-Barter transactions, housework, and do-it-yourself home repairs are examples of non-market activities.
-Illegal activities and unreported legal activities are part of the underground economy.
-A price Index is a set of statistics that allows economists to compare price over time.
-Government transfer payments are not included when calculating government purchases.
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