Glossary 405
Grants Grants are transfers receivable by government units, from other resident or
nonresident government units or international organizations, and that do not
meet the defi nition of a tax, subsidy, or social contribution ................. 5.5, 5.101
Gross debt at market value Gross debt at market value means that debt securities are valued at market
prices; insurance, pension, and standardized guarantee schemes are valued ac-
cording to principles that are equivalent to market valuation; and all other debt
instruments are valued at nominal prices, which are considered to be the best
generally available proxies of their market prices ......................................... 7.240Gross debt at nominal value Gross debt at nominal value means that debt securities are valued at their nom-
inal values. Th e nominal value of a debt instrument at any moment in time is
the amount that the debtor owes to the creditor ........................................... 7.241Gross value added or gross
domestic product (GDP)
Gross value added is defi ned as the value of output minus the value of interme-
diate consumption .............................................................................................A7.24Historic cost Historic cost, in its strict sense, refl ects the cost at the time of acquisition, but
sometimes it may also refl ect occasional revaluations ................................. 3.115
Holding gain or loss A holding gain or loss is a change in the monetary value of an asset or liability
resulting from changes in the level and structure of prices, excluding qualita-
tive or quantitative changes in the asset or liability ............................... 3.33, 10.1Household A household is a group of persons who share the same living accommodation,
who pool some, or all, of their income and wealth, and who consume certain
types of goods and services collectively, mainly housing and food ...............2.28
Households sector Th e households sector consists of all resident households .............................2.60
Implicit contingent liabilities Implicit contingent liabilities do not arise from a legal or contractual source but
are recognized aft er a condition or event is realized .................................... 7.252Imputed employers’ social
contributions
Imputed employers’ social contributions are the amounts calculated and added
to actual contributions, suffi cient to exactly match the increases in employees’
social benefi t entitlements ...................................................................................6.22Index-linked securities Index-linked securities are instruments for which either the coupon payments
(interest) or the principal or both are linked to another item, such as a price
index, an interest rate, or the price of a commodity ..................................... 7.153Individual consumption
good or service
An individual consumption good or service is one that is acquired by a
household and used to satisfy the needs or wants of members of that house-
hold ...................................................................................................................... 6.13 5Information, computer,
and telecommunications
equipment
Information, computer, and telecommunications (ICT) equipment consists of
devices using electronic controls and also the electronic components forming
part of these devices .............................................................................................7.56Institutional sector An institutional sector groups together similar kinds of institutional units ac-
cording to their economic objective s, functions, and behavior .....................2.50Institutional unit An institutional unit is an economic entity that is capable, in its own right, of
owning assets, incurring liabilities, and engaging in economic activities and in
transactions with other entities ..........................................................................2.22Intangible nonproduced
assets
Intangible nonproduced assets are constructs of society evidenced by legal or
accounting actions ............................................................................................. 7.104