This glossary provides a guide to terms used in the research plan. The definitions are limited to the uses of the terms in the plan.
- Amenity Value
- That portion of the value of a good or service attributable to the quality of the surrounding environment.
- Asset Value
- The price which land, including natural resources would fetch if sold; alternatively the price
estimated through indirect means such as contingent valuation.
- Average Value
- The per unit value of goods and services sold in markets.
- Benefits Transfer
- The process of estimating the economic benefits of a resource in one location and using those
estimates to value a resource in another location.
- fixed asset used in the production of goods and services.
- The funds used to purchase those assets.
- Capital Stock
- The total amount of capital available at any specified point in time.
- Capital Value
- The total value of the capital stock (average value multiplied by the quantity of capital).
- Coastal Counties
- Counties with a border on salt water, including those of principal bays.
- Contingent Valuation
- A technique for measuring non-market values using surveys to simulate purchasing decisions.
- Core Accounts
- Measures of economic activity associated with the ocean that are fully consistent with the
U.S. national income and product accounts.
- Economic Welfare
- The basic measure of economic well-being as defined by individual views of the usefulness of goods
- Economic Value of the Ocean
- That portion of the value of a good or service which is uniquely contributed by the ocean.
- The sum of the market value of goods and services whose production is derived from or associated with the ocean.
- Environmental Accounting
- The development of measures of changing environmental quality and their compilation into a systematic
assessment process. Also can refer to the integration of the value of environmental
and natural resources within a national income framework.
- Extended Accounts
- The addition of measurements of natural resource (ocean values) that are not included within
a national income accounting framework but which are needed to provide a more complete measure
of economic value.
- Final Goods and Services (final demand)
- The goods and services as consumed by the ultimate consumers (households,
businesses, exports, etc.).
- Gross Domestic Income (GDY)
- The total value of income earned from the production of goods and services from economic
activity conducted within the United States.
- Gross Domestic Product (GDP)
- The total value, measured at the point of final demand, of goods and services produced in the United States.
- The sum of the value added of the production of goods and services.
- Gross National Product (GNP)
- The total value, measured at the point of final demand, of goods and services produced by
citizens of the U.S.
- Gross Product Originating (GPO)
- The total value of goods and services produced by each industry in the U.S.
- Gross Regional Product (GRP)
- The total value of goods and services, measured as final demand, of all goods and services
produced within a specific region.
- Hedonic Pricing
- A statistical estimation technique for separating amenity values from other determinants
of market value.
- Input/output model
- A model which depicts the economy in terms of a comprehensive accounting of purchases and
sales among industries.
- Intermediate Goods and Services
- Goods and services used in the production of other goods or services.
- The acquisition of capital for future production.
- Marginal Value
- The value of one additional unit of a good or service consumed.
- Market Value
- Values of goods and services determined by prices at which they are sold in market transactions.
- Multiplier (Economic Multiplier)
- The ratio of the sum of the total value of economic transactions within the nation or a
region resulting from a specified increase in investment or other economic activity increase.
- National Income and Product Accounts (NIPA)
- The system for measuring GDP, GDY and GPO for the United States.
- Net Investment
- The additional investment made each year, less that investment which replaces capital that has
worn out (depreciated).
- Net National Product
- Gross national product less the amount of investment needed to replace worn out capital
- Non-market Goods and Services
- Goods and services which are not exchanged in normal market transactions, but which have
economic value nonetheless.
- Non-market Value
- The value of non-market goods and services. They are measured by means such as hedonic
pricing and contingent valuation.
- Ocean Derived
- The portion of the value of goods or services (whether that value is measured in market
transactions or by other means) that is determined by the presence of the ocean.
- Ocean Dependent
- Economic activity which requires resources extracted from the ocean or physical location on
or near the ocean.
- Ocean Linked
- Economic activity which depends indirectly on the ocean dependent activity.
- Ocean Related
- The sum of ocean dependent and ocean linked activities.
- Ocean Satellite Accounts
- The combination of core and extended ocean accounts.
- Ocean Supporting
- Goods and services provided to ocean related activities. The "backward linkages"
of ocean related activities.
- Opportunity Cost
- The economic values foregone as a result of the choices to consume or produce any specified
good or service.
- The sales of an industry.
- Random Utility Model
- A technique for comparing the economic values of similar resources.
- The returns to the owner of a resource in excess of that return just sufficient to
continue ownership of the resource.
- Recreation Value
- The value of recreational activity to the recreationist in excess of expenditures on
- Resource Stock
- The physical amount of a natural resource measured at a specified point in time.
- Travel Cost Models
- A technique for measuring the nonmarket values of resources (generally those associated
with recreation) using expenditures on travel as a proxy for recreational value.