Economics

• GDP stands for Gross Domestic Product. It is the total value of all the goods and services produced in a country in a year
• Economic growth is an increase in the production of goods and services.
• Inflation is the increase in the prices of goods and services.
• Recession is a decline in economic activity in an economy.
• Depression is a drastic decline in economic activity.
• GNP is the total worth of everything made and done by the people of a country, at home and abroad, minus what foreign residents earn.
• GNI is the total income earned by the people and businesses within a nation.
• Real GDP is the total value of all the goods and services produced in a country in a year with the adjustment for inflation. Whereas, nominal GDP doesn't include inflation.
• Cyclical unemployment is when people lose their jobs because of changes in the economy.
• Structural unemployment is when people can't find jobs because their skills don't match the jobs that are available.
• Frictional unemployment is when people are temporarily between jobs.
• Seasonal unemployment occurs when people lose their jobs because their work is only needed during certain times of the year. E.g. farming.
• Long-term unemployment is when someone has been without a job for a prolonged period, typically for several months or even years.
• GDP per capita is a country's GDP divided by the total population to provide an estimate of how much each person contributes to the economy on average.
• OECD is the Organisation for Economic Co-Operation and Development analyse and provide statistics on economic areas.
• Living standards are the quality of an individual's or groups life. E.g. their house, freedom of speech.