GDP
C+I+G+(X-M) are the components of .....
Gross Domestic Product (GDP)
The total amount of government debt
National debt
It is an economy with a low GDP per head
Developing economy / country
The quantity of goods and services that a worker is able to produce in a given period of time
Labor productivity
Soending by firms on capital goods, such as factories, offices, machinery and delivery vehicles
The market value of goods and services produced in an economy, unadjusted for inflation
Nominal GDP
A composite measure of living standards that includes GNI per head, education and life expectancy
Human Development Index (HDI)
High-income countries with high GDP per head
Developed economies / countries
The total number of workers who are available for work
The employed + unemployed + seeking employment
Labor force
A simple model of the process by which income flows around the economy
The circular flow of income
The market value of goods and services produced in an economy adjusted for inflation
Real GDP
A way of comparing international living standards by using an exchange rate based on the amount of each currency needed to purchase the same basket of goods
Purchasing Power Parity (PPP)
Economies with a rapid economic growth rate and that provide good investment opportunities
Emerging economies / countries
The percentage of the total population of working age who are actually classified as being part of the labod force
Labor force participation rate
The relationship between an initial change in spending (injection) and the final rise in GDP
The multiplier / the multiplier effect
The output of goods and services which are not included in official national income figures
shadow economy / unofficial market / black market / underground market
A composite measure of living standards that includes leisure time in its calculation
Measurable Economic Welfare (MEW)
The links between low income, low savings, low investment and low productivity
Poverty cycles
Workers who are out of work between periods of employment, such as actors and construction workers
casual unemployment / frictional unemployment
This situation occurs if aggregate expenditure exceeds the potential output of the economy
Inflationary gap
The sum of gross value added by all residents producers in the economy divided by mid-year population
GDP per head / per capita
It is a curve that shows the relationship between economic growth and income equality
Kuznets Curve
Restrictions on the growth of developing economies that arise from low levels of savings and investment
Development traps
This type of unemployment happens when declining industries are concentrated in a particular area of a country
Regional unemployment
The World Bank