Gross domestic products (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore using a basis of GDP per capita at purchasing power parity (PPP) is arguably more useful when comparing living standards between nations, while Nominal GDP is more useful comparing national economies on the international market.
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.
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), net national income (NNI), and adjusted national income. All are specially concerned with counting the total amount of goods and services produced within the economy and by different sectors. The boundary is usually defined by geography or citizenship, and it is also defined as the total income of the nation and also restrict the goods and services that are counted. For instance, some measures count only goods & services that are exchanged for money, excluding bartered goods, while other measures may attempt to include bartered goods by imputing monetary values to them.
In accounting, an economic item's historical cost is the original nominal monetary value of that item. Historical cost accounting involves reporting assets and liabilities at their historical costs, which are not updated for changes in the items' values. Consequently, the amounts reported for these balance sheet items often differ from their current economic or market values.
A family farm is generally understood to be a farm owned and/or operated by a family; it is sometimes considered to be an estate passed down by inheritance. Family farm businesses can take many forms, as most farm families have structured their farm businesses as corporations, limited liability corporations, and trusts, for liability, tax, and business purposes. It is a common misconception that all farms with these business structures are not family farms, when in actuality that is not true. In the United States for example, a 2014 USDA report shows that family farms operate 90 percent of the nation’s farmland, and account for 85 percent of the country’s agricultural production value.
In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers. Revenue is also referred to as sales or turnover. Some companies receive revenue from interest, royalties, or other fees. Revenue may refer to business income in general, or it may refer to the amount, in a monetary unit, earned during a period of time, as in "Last year, Company X had revenue of $42 million". Profits or net income generally imply total revenue minus total expenses in a given period. In accounting, in the balance statement it is a subsection of the Equity section and revenue increases equity, it is often referred to as the "top line" due to its position on the income statement at the very top. This is to be contrasted with the "bottom line" which denotes net income.
An income statement or profit and loss account is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.
Small-scale agriculture has been practiced ever since the Neolithic Revolution. More recently it is an alternative to factory farming or more broadly, intensive agriculture or unsustainable farming methods that are prevalent in primarily first world countries. Environmental Health Perspectives has noted that "Sustainable agriculture is not merely a package of prescribed methods. More important, it is a change in mind set whereby agriculture acknowledges its dependence on a finite natural resource base--including the finite quality of fossil fuel energy that is now a critical component of conventional farming systems."
Intermediate consumption is an economic concept used in national accounts, such as the United Nations System of National Accounts (UNSNA), the US National Income and Product Accounts (NIPA) and the European System of Accounts (ESA).
For households and individuals, gross income is the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. It is opposed to net income, defined as the gross income minus taxes and other deductions.
In economics, gross value added (GVA) is the measure of the value of goods and services produced in an area, industry or sector of an economy. In national accounts GVA is output minus intermediate consumption; it is a balancing item of the national accounts' production account.
The following outline is provided as an overview of and topical guide to economics:
Profit, in accounting, is an income distributed to the owner in a profitable market production process (business). Profit is a measure of profitability which is the owner's major interest in the income-formation process of market production. There are several profit measures in common use.
The total support estimate (TSE) is an Organisation for Economic Co-operation and Development (OECD) indicator of the annual monetary value of all gross transfers from taxpayers and consumers arising from policy measures that support agriculture, net of the associated budgetary receipts, regardless of their objectives and impacts on farm production and income, or consumption of farm products. The TSE can be expressed in monetary terms or as a percentage of the gross domestic product. In addition to the TSE, other measures used to compare levels of support to agriculture across counties include the producer support estimate (PSE), consumer support estimate (CSE), and general services support estimate (GSSE).
The producer support estimate (PSE) is an indicator of the annual monetary value of gross transfers from consumers and taxpayers to agricultural producers, measured at the farm gate level, arising from policy measures that support agriculture, regardless of their nature, objectives or impacts on farm production or income. Examples include market price support, and payments based on output, area planted, animal numbers, inputs, or farm income. PSEs, which are updated and published annually by the Organisation for Economic Co-operation and Development, can be expressed in monetary terms: as a ratio to the value of gross farm receipts valued at farm gate prices, including budgetary support ; or, as a ratio to the value of gross farm receipts valued at world market prices, without budgetary support.
The General Services Support Estimate (GSSE) is an Organisation for Economic Co-operation and Development (OECD) indicator of the annual monetary value of gross transfers of general services provided to agriculture collectively, arising from policy measures that support agriculture, regardless of their nature, objectives and impacts on farm production, income, or consumption of farm products. Examples include research and development, education, infrastructure, and marketing and promotion programs. The GSSE can be expressed in monetary terms or as a percentage of the total support to agriculture.
In United States agricultural policy, several measures are used to gauge farm income over a given period of time.
