Economic Terms

Value of all goods and services produced within a country's borders in a year

• Gross domestic product (GDP)

• Gross domestic product per Capita

• Gross value added (GVA)

gross domestic product divided by the population

• Gross domestic product (GDP)

• Gross domestic product per Capita

• Gross value added (GVA)

the measure of the value of goods and services produced in an industry/sector of the economy

• Gross domestic product (GDP)

• Gross domestic product per Capita

• Gross value added (GVA)

the portion of the population that is of working age and actively working or looking for work

• labor force

• labor group

• employable people

the proportion of the labor force that is not working (ie cannot find jobs/between jobs/etc.)

• jobless rate

• unemployment rate

• dependency ratio

the rate at which the average prices of goods and services rises in a given period (usually a year)

• inflation

• deflation

• reflation

a country receives goods, services, or raw materials into their borders that have been produced or originate in another country

• import

• export

• aux-port

a country sends goods, services, or raw materials within their nation to another country

• import

• export

• aux-port

lowest amount of money that an employer is required to pay wage earners for the work performed during a given period

• wage

• livable wage

• minimum wage

the ratio of the population whose income falls below the poverty line

• poverty rate

• poverty percentage

• poverty gap