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July 11, 2025 

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SOLIDARITY: The rallying cry for organized labor and the labor union movement that has attempted to cut across industries and occupations, based on an "us versus them" view of the labor market. The "us" are the workers and the "them" are the employers. This solidarity notion presumes that when one worker wins a battle against an employer then all workers win.

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NATIONAL INCOME AND PRODUCT ACCOUNTS: The official government system of collecting, processing, and reporting assorted production and income measures used to track aggregate activity in the macroeconomy. This system of accounts, maintained by the Bureau of Economic Analysis in the Department of Commerce, is the source of official estimates of gross domestic product, net domestic product, national income, personal income, disposable income, gross national product, and related measures that are published quarterly and annually. The National Income and Product Accounts is only one of several sets of data processed and reported by the Bureau of Economic Analysis.

     See also | Bureau of Economic Analysis | gross domestic product | net domestic product | national income | personal income | disposable income | gross national product |


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INFLATION

A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.

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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
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