Economic growth

• Boom

  A period of high economic activity and high levels of employment
• Depression

  A very prolonged recession, potentially lasting for years
• Downturn

  A slow down in the rate of economic growth
• Economic cycle

  The fluctuating state of an economy from periods of economic expansion and contraction
• Economic growth

  Growth in real GDP (value of output) over time
• GDP per capita

  GDP divided by the total population
• Gross domestic product (GDP)

  The total value of all goods and services produced by a country in a year
• Labour force (or workforce)

  The total number of people who work in a country
• Nominal

  Not adjusted for inflation
• Real

  Adjusted for inflation
• Recession

  A period when the country's GDP falls for two or more consecutive quarters
• Recovery

  When economic growth starts to pick up after a reccession