14.1. In the System, the accounts relating to the resident institutional sectors portray various facets of economic activity, i.e., production, the generation, distribution and redistribution of income, consumption and accumulation. The relevant accounts capture both transactions taking place between the resident institutional sectors of the total economy and transactions with non-resident units that make up the rest of the world. In an analogous fashion, the balance sheets of the System cover the stocks of assets and of liabilities of resident institutional sectors vis-à-vis each other as well as vis-à-vis the rest of the world.