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Economic Indicators

TermDefinition
Inflation the increase in the general level of prices of goods and services from one year to the next.
Interest Rates the cost of borrowing money or the reward for money saved.
National Debt the total amount of money that a country's government has borrowed.
The Economic cycle the term used to describe how the level of economic activity changes over time.
Economic growth This occurs when there is an increase in the amount of goods and services produced in an economy from one year to the next.
National Income the total value of all new goods and services produced within a country in a year
Labour Force This refers to all those people of working age (16-65) who are willing and able to work. This definition does not include retired people, full-time students or those who have an illness or disability that prevents them from working.
Full Employment This refers to a situation where almost all members of the labour force are employed
Gross Domestic Product This measures the total value of the goods and services produced within a country in one year. This includes goods and services produced by indigenous (native or local) and foreign-owned businesses.
Gross National Product The total value of the goods and services produced by a country (either in that country or overseas) in one year.
Debt Servicing the term used to describe the payment of interest on our national debt.
Economic Boom This describes a continuous period of rapid economic growth
Recession A recession represents a general slowdown in the level of economic activity
An economic depression occurs when a recession is very severe and continues for a sustained period of time.
Created by: cquin21
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