economic growth

• economic growth growth in GDP (value of output)over time
• gross domestic product (GDP) the total value added of goods and services produced in the country in a year
• GDP per capita GDP divided by the population
• rate of growth = change in GDP/original GDP x100
• boom a period of high economic activity and high levels of employment
• recession a period of time when the country's GDP falls for two (or more) consecutive quarters
• inflation an increase in prices over time
• unemployment rate number unemployed as % of labour force