Abstract In the National-Income Accounts the National Income and Product Account is the production account for the entire output of the U.S. economy. Total unduplicated costs of producing the nation's output of products and services are listed on the left side of the account while the market values of final products and services produced are listed on the right side of the account. The purpose of this paper is to explain the nature and content of this important account in business-accounting terms. Most of the national-income terms in the production account are used also in business accounting and have a similar meaning. The production account of the U.S. economy may be regarded as consisting of four subsidiary production accounts covering business, persons, government, and foreign trade, respectively. The business production account includes the production activity of business firms, including that of government enterprises. The persons production account consists of wages paid by persons to other persons and interest paid by persons to business or government.
Raymond Nassimbene (Wed,) studied this question.