Glossary of Terms

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.
  1. fixed asset used in the production of goods and services.
  2. 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 and services.
Economic Value of the Ocean
  1. That portion of the value of a good or service which is uniquely contributed by the ocean.
  2. 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)
  1. The total value, measured at the point of final demand, of goods and services produced in the United States.
  2. 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 (depreciation).
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 related purchases.
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.

updated 11-Sep-2013