The situation that exists when government expenditures exceed tax revenues
Employment Rate
The percentage of the labour force, i.e. the working age population (ages 15 to retirement age) who are currently employed
Recession
Economic situation characterized by rising unemployment, an excess of supply over demand, deflation, reduced purchasing power, contraction of general business activity and public fear
Consumer Price Index (CPI)
A measure of the average price of consumer goods and services purchased by households
Gross Domestic Product (GDP)
The total value of goods and services produced by the economy in a given period, including income from abroad
Economic Growth
The increase in value of the goods and services produced by an economy. It is conventionally measured as the percentage rate of increase in real GDP
Inflation
The general rise in the prices of goods and services
Gross National Product (GNP)
The total value of a nation's output, income, or expenditure produced within a nation's physical borders
Current Account
The portion of a nation's balance of payments statement that records the total exports and imports of goods, services
