STATISTICAL DISCREPANCY: The official adjustment factor in the National Income and Product Accounts that ensures equality between the income and expenditures approaches to measuring gross domestic product. This is one of several differences between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. This statistical discrepancy tends to be relatively small, usually less than 1% of gross domestic product.

     See also | National Income and Product Accounts | Bureau of Economic Analysis | gross domestic product, expenditures | gross domestic product, income | national income | gross domestic product | net domestic product |

STATISTICAL DISCREPANCY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: December 5, 2024].

Additional information on this term can be found at:

WEB*pedia: statistical discrepancy

Back to the GLOSS*arama

The decrease in the sum of consumer surplus and producer surplus that results from the imposition of a tax. When a tax drives a wedge between demand price and supply price it disrupts what otherwise would be an efficient market equilibrium. Inefficiency arises because while a portion of the sum of consumer and producer surplus is merely transferred to government, a portion of this sum also disappears. The part that disappears is the deadweight loss and is an indicator of the inefficiency of the tax.

Complete Entry | Visit the WEB*pedia

Today, you are likely to spend a great deal of time surfing the Internet wanting to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for jovial bank tellers.
Your Complete Scope

This isn't me! What am I?

-- Martin Luther King, Jr., clergyman

User Feedback