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TRANS-SHIPMENT POINT: A location that serves as a change from one transportation mode to another, such as from boat to train or truck to plane. Location theory indicates that trans-shipment points serve as a point of attraction for economic activity by virtue of saving terminal (load and unloading) cost. This indicates why harbors, interstate highway exits, railroad depots, and similar off-one-mode-onto-another-mode have historical emerged as economic centers.
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                           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 (and net) domestic product (the market value of production). It is also the key difference between gross domestic income and gross domestic product. This statistical discrepancy tends to be relatively small, usually less than 1 percent of gross domestic product. The statistical discrepancy is the official "fudge factor" that ensures perfect equality between gross domestic product and gross domestic income in the National Income and Product Accounts. While the statistical discrepancy is officially "added" to gross domestic income when calculating gross domestic product, the actual value can be positive or negative. The value of the statistical discrepancy is whatever it needs to be to equate the income and expenditure approaches to measuring gross domestic product.In principle, gross domestic product measured from the expenditure side SHOULD be exactly equal to gross domestic product measured from the income side (that is, gross domestic income). In reality, these two approaches to measuring gross domestic product do not yield identical results. They should, but they do not. This statistical discrepancy is thus used to ensure that everything balances, that there is perfect equality between gross domestic product measured from either approach. The reason that these two approaches do not add up exactly is that the economy is extremely complex and measurements are not perfect. The economy has over a hundred million workers employed by hundreds of thousands of firms, producing trillions of dollars worth of every conceivable good or service imaginable. Even though the U.S. economy has the best data collection system in the history of humanity, it is not perfect. Errors are made. Production and income are missed or double counted. To appreciate the enormous task facing the data-crunchers at the Bureau of Economic Analysis, try counting the number of people meandering about a shopping mall on any given Saturday afternoon, preferably right before Christmas. And do it in two different ways. First, count heads. Second, count fingers, then divide by ten. In principle, both numbers SHOULD be the same. In reality, a few feet are likely missed and/or a few heads are bound to be double counted. It happens. The world is not perfect.
Recommended Citation:STATISTICAL DISCREPANCY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 2, 2025].
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Today, you are likely to spend a great deal of time at a dollar discount store seeking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for telephone calls from long-lost relatives.
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A communal society, a prime component of Karl Marx's communist philosophy, was advocated by the Greek philosophy Plato.
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"always remember an epitaph which is in the cemetery at Tombstone, Arizona. It says: „Here lies Jack Williams. He done his damnedest.¾ I think that is the greatest epitaph a man can have ‚ When he gives everything that is in him to do the job he has before him. That is all you can ask of him and that is what I have tried to do. " -- Harry Truman, 33rd US president
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NDP
Net Domestic Product
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