Glossary – M

Canadian System of National Accounts glossary index – M

Canadian System of National Accounts glossary – M
Term Definition
Machinery and equipment Capital expenditures on durable, tangible goods with an expected service life of one year or more, such as furniture, motor vehicles, office machinery and equipment. Equipment permanently installed in buildings or other structures are considered as capital expenditures on non-residential construction. The value includes installation and delivery costs.

See also: Gross fixed capital formation
 
Component of: Fixed assets

Source: System of National Accounts 2008, paragraph 10.82

French: Machines et matériel
Main job The job at which the most hours are worked.

See also: Job
 
Margins The additional cost elements that make up the difference between modified basic prices and purchasers' prices are called margins. There are seven distinct margins in the Input-Output Accounts: retail margins, wholesale margins, tax margins, transport margins, inter-city gas distribution margins, storage margins, and pipeline margins.
 
Reference: Gross Domestic Product by Industry, Sources and Methods, Catalogue no. 15-547

French: Marges
Market A forum for the sale, purchase or trade of goods and services.
 
Market output Output intended for sale at economically significant prices.
 
Component of: Output

Source: System of National Accounts 2008, paragraph 6.99

French: Production marchande
Market price Amounts of money that willing buyers pay to acquire something from willing sellers; the exchanges are made between independent parties and on the basis of commercial considerations only, sometimes called “at arm's length.”
 
Source: System of National Accounts 2008, paragraph 3.119

French: Prix du marché
Market producers Market producers are establishments, all or most of whose output is market output.
 
Component of: Output

Source: System of National Accounts 2008, paragraph 6.133

French: Producteur marchand
Market value See market price.

See also: direct-use value, indirect-use value, non-market value, non-use value.
 
Material inputs See intermediate consumption.
 
Maturity date Date at which time a security (such as a bond) is redeemable.
 
Maturity value The amount the issuer will pay the holder of a security at the date of redemption of the security. It is often referred to as par value, face value or redemption value.
 
Merchanting An economic activity whereby a unit in one economy purchases goods from another, for sale in a third economy. The goods legally change ownership but do not physically enter the economy where the owner is resident. The acquisition of the goods intended for resale is shown as negative exports. When the goods are sold, they are shown as (positive) exports. When acquisition and sale take place in the same period, the difference shows as an addition to exports. If only the acquisition takes place in an accounting period, the negative export is offset by an increase in inventories of goods for resale, even though those goods are held abroad. In a subsequent period when the goods are sold, the exports recorded for their sale are offset by a withdrawal from inventories. The withdrawals are valued at the cost of the goods at the date of the withdrawal, any increase in value due to a change in the price of the goods being shown as a holding gain or loss.
 
Source: System of National Accounts 2008, paragraph A 3.158

Notes: This concept has not yet been implemented in the Canadian System of National Accounts.

French: Courtage
Military pay and allowances The part of labour income consisting of payments to members of the Armed Forces serving in Canada or abroad. Includes military pay, allowances and the employer's social contributions. Excludes veterans' allowances, which are treated as transfer payments.
 
Military personnel The part of labour income consisting of payments to members of the Armed Forces serving in Canada or abroad. Includes military pay, allowances and the employer's social contributions. Excludes veterans' allowances, which are treated as transfer payments.
 
Mineral exploration and evaluation The value of expenditures on exploration for petroleum and natural gas and for non-petroleum deposits and subsequent evaluation of the discoveries made. These expenditures include pre-licence costs, licence and acquisition costs, appraisal costs and the costs of test drilling and boring, as well as the costs of aerial and other surveys, transportation costs, etc., incurred to make it possible to carry out the tests. Re-evaluations may take place after commercial exploitation of the reserve has started and the cost of these re-evaluations is also included in gross fixed capital formation.

See also: National Balance Sheet Accounts, Gross fixed capital formation
 
Component of: Intellectual property products

Source: System of National Accounts 2008, paragraph 10.106

French: Prospection minière et évaluation
Ministry A department of a government, led by a minister. Ministries are usually subordinate to the cabinet and prime minister. A government will usually have numerous ministries, each with a specialised field of service. National ministries vary over time, but some common ones include Ministry of Defence, Ministry of Foreign Affairs, Ministry of Finance, and Ministry of Health. In Canada, some provincial-level government departments are called ministries (such as in Ontario and British Columbia) but most, along with their counterparts, are termed departments. Their heads are referred to as ministers in both levels of government.

See also: Classification of Institutional Units by Sectors
 
Mixed income The entrepreneurial income generated in the production of goods and services of unincorporated businesses. It includes both the income that accrues to the capital factor of production as well as the income that accrues to the labour factor of production (remuneration for work undertaken by the owner(s)). In the Canadian System of National Accounts, the net imputed rental generated by owner-occupied dwellings is added to mixed income.
 
Source: Guide to the Income and Expenditure Accounts, Catalogue no. 13-017

French: Revenu mixte
Modified basic price The selling price at the boundary of the producing establishment, excluding sales and excise taxes levied after the final stage of processing. The modified basic price of a product equals the purchaser price less transport and trade margins in delivering the product to the purchaser and taxes on the product where applicable. Used in the Canadian System of National Accounts only for the Input-Output tables valuation of gross output and intermediate inputs.

See also: Basic price
 
Source: Gross Domestic Product by Industry, Sources and Methods, Catalogue no. 15-547

Notes: Modified basic price is used in the Canadian System of National Accounts. It differs from basic price as defined in the System of National; Accounts 2008.

French: Prix de base modifié
Modified cash accounting An accounting system that uses the cash accounting convention during an accounting period but accrues certain items at the end of the period, e.g., trade accounts, sales and purchases of goods and services, and in some cases, taxes. It was used principally by the federal, provincial, and territorial governments but there is no uniformity on the items subject to accrual.

See also: Gross convention
 
Monetary gold Gold to which the monetary authorities (or others who are subject to the effective control of the monetary authorities) have title and which is held as a reserve asset. It comprises gold bullion (including gold held in allocated gold accounts) and unallocated gold accounts with non-residents that give title to claim the delivery of gold. All monetary gold is included in reserve assets or is held by international financial organizations. Only gold that is held as a financial asset and as a component of foreign reserves is classified as monetary gold.

See also: Guide to the Income and Expenditure Accounts, Catalogue no. 13-017
 
Component of: Financial assets

Reference: About the balance of payments

Source: System of National Accounts 2008, paragraph 11.45

French: Or monétaire
Monetization and demonetization of gold Monetization refers to the acquisition by the monetary authorities of commodity gold to increase the stock of monetary gold. Demonetization refers to the disposal by the monetary authorities of monetary gold for non-monetary purposes. While these acquisitions or sales will increase or decrease a country's official reserve assets, the transactions are not recorded in the balance of payment under reserve assets. However, when a country's monetary authorities buy or sell gold with the Private sector of a foreign country, then those transactions are recorded in both countries' trade statistics.

See also: Institutional sectors; About the balance of payments
 
Reference: Canada's balance of payments, data quality, concepts and definitions, Catalogue no. 67-001; Guide to the Income and Expenditure Accounts, Catalogue no. 13-017

Source: Canada's Balance of Payments and International Investment Position, Concepts, Methods, Sources and Products, Catalogue no. 67-506

French: Monétisation ou démonétisation de l'or
Money market fund Collective investment schemes that raise funds by issuing shares or units to the public. The proceeds are invested primarily in money market instruments, money market funds shares or units; transferable debt instruments with a residual maturity of not more than one year; bank deposits; and, instruments that pursue a rate of return that approaches the interest rates of money market instruments. Money market funds shares can be transferred by cheque or other means of direct third-party payment. Because of the nature of the instruments the schemes invest in, their shares or units may be regarded as close substitutes for deposits. Money market fund shares or units represent a claim on a proportion of the value of an established money market fund.
 
Source: System of National Accounts 2008, paragraphs 4.107, 11.99

Notes: Introduced with the Canadian System of National Accounts 2012 historical revision.

French: Fonds du marché monétaire
Money market securities Debt securities which refer to all marketable instruments with an initial term to maturity of a year or less and which generally give the holder the unconditional right to receive a stated, fixed sum of money on a specific date. Included are such instruments such as treasury bills, commercial and financial paper, bankers' acceptances and short term notes. Money market securities can be treated as direct or portfolio investment in the Balance of Payments and International Investment Position, depending upon the direct or portfolio relationship of the issuer and the holder.
 
Mortgages Negotiated loans and agreements of sale secured by real property, mostly residential structures. Includes first, second and third mortgages. Mortgages are characterized by blended repayments, usually monthly, of principal and interest.
 
Source: Guide to the Income and Expenditure Accounts, Catalogue no. 13-017

French: Hypothèques
Mortgage-backed securities Asset-backed securities whose cash flows are backed by the principal and interest payments of a set of mortgage loans.
 
Source: System of National Accounts 2008

French: Titres adossés à des hypothèques
Multifactor productivity A measure of productivity growth, taking into account all of the resources used in the production activity. Multifactor productivity growth is estimated residually as the difference between the growth rate of output and the growth rate of combined inputs.
 
Multiple job holders A person who is employed in more than one Job during the reference period.

See also: Job
 
Multipliers An input-output multiplier is a quantitative measure created by a particular Input-Output based economic model. It measures how a certain expenditure is expected to impact the economy.
 
Municipal bonds Direct bonds or debentures of municipalities and guaranteed municipal enterprise bonds.
 
Mutual fund A diversified portfolio of securities invested on behalf of a group of investors and professionally managed. Individual investors own a percentage of the value of the fund represented by the number of units they purchased and thus share in any gains or losses of the fund. Depending on the objectives of a fund, its assets can include equity, debt or other financial instruments.

See also: Classification of Institutional Units by Sectors
 
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