Basic Value. The price received by the producer for goods or services that are sold.
It excludes taxes collected by the producer from purchasers, such as taxes that liquor manufacturers collect on behalf of government and sales taxes collected by retailers.
In the I-O tables prepared by BEA, basic prices have excluded subsidies and included duties on imports. The 1993 System of National Accounts expands this definition to include subsidies. (See “Basic value tables.”)
- Concepts and Methods of the US Input-Output Accounts. K.J.Horowitz, M.A.Planting, 2009