Economic Indicators

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What is a literacy rate?

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The percentage of people in a country that can read and write.

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What is the best definition of an economy?

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A system in which people produce, sell, and buy things.

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GDP stands for...?

Back

Gross Domestic Product.

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What is the best definition for standard of living?

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The level of goods, services, and material comforts of people in a country.

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The best definition for GDP is...?

Back

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

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What does inflation measure?

Back

The rate at which the general level of prices for goods and services is rising.

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What is unemployment rate?

Back

The percentage of the labor force that is jobless and actively seeking employment.

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What is a recession?

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A period of temporary economic decline during which trade and industrial activity are reduced.

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What is a budget?

Back

A plan for how to spend money, detailing expected income and expenses.

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What is a trade balance?

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The difference between a country's exports and imports.