Economic Growth, Inflation & Unemployment

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The total value of all final goods and services produced in a country in a given year.

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Gross Domestic Product

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Economic growth measures the

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Increase in national output

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Economic growth can be measured by: The CPI, The CBI, GDP, MPC

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GDP

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A price index determined by measuring the price of a standard group of goods meant to represent the market basket of a typical consumer.

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Consumer Price Index

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A sustained general increase in prices across an economy.

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Inflation

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The percentage of a nations labour force that is unemployed.

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Unemployment

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Type of unemployment that occurs as a result of harvest schedules, or when industries make seasonal shifts in their production schedules.

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Seasonal Unemployment

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Type of unemployment that occurs when workers skills do not match those needed for the jobs available.

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Structural Unemployment

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Unemployment that rises during economic downturns and falls when the economy improves.

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Cyclical Unemployment

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A period of macroeconomic expansion or growth, followed by a period of contraction, or decline.

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Business Cycle