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NET DOMESTIC PRODUCT AND NATIONAL INCOME: Net domestic product (NDP) is the total market value of all final goods and services produced within the political boundaries of an economy during a given period of time, usually a year, after adjusting for the depreciation of capital. National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production of final goods and services during a given period of time, usually one year. The five main differences between net domestic product and national income are (1) indirect business taxes, (2) business transfer payments, (3) net foreign factor income, (4) government subsidies, and (5) statistical discrepancy.

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UNCERTAINTY: The possibility that any number of things could happen in the future. In other words, the future is not known. This should be compared with risk, which is assigning probabilities to alternative possibilities.

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UNCERTAINTY, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 15, 2025].


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M1

The narrow-range monetary aggregate for the U.S. economy containing the combination of currency (and coins) issued by government and held by the nonbank public and checkable deposits issued by banking institutions. M1 contains the two items that function as THE medium of exchange for the U.S. economy. M1 is one of three monetary aggregates tracked and reported by the Federal Reserve System. The other two are designated M2 and M3.

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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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