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Definitions of Key Economic Terms
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- 1PopulationNumber of individuals resident within country, including citizens, landed immigrants/permanent residents and refugees
- 2GDP (Gross Domestic Product)Gross domestic product, or total dollar value of all final goods and services produced within a country's borders (by both nationals and foreigners) within a given year; using the income approach, GDP is measured by calculating all incomes earned by individuals, businesses and governments within a given year; using the expenditure approach, GDP is measured by calculating private consumer spending plus government spending plus commercial capital investment spending plus balance of trade [exports - imports] within a given year
- 3GDP (Gross Domestic Product) at Purchasing Power ParityGDP expressed in standardized national currency, typically US dollars, to ensure parity (equality) for purposes of "apples to apples" comparison.
- 4GDP (Gross Domestic Product) at Official Exchange RateGDP expressed in the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year
- 5GDP (Gross Domestic Product) Real Growth RateAnnual year-over-year percentage increase or decrease in GDP after adjusting for inflation (price increases); real GDP growth rate should be contrasted with nominal GDP growth rate which does not take inflation into account and is therefore less accurate in terms of measuring true economic development.
- 6GDP (Gross Domestic Product) per CapitaAnnual GDP per person (annual GDP divided by national population)
- 7GDP (Gross Domestic Product) Composition by Sector of OriginPercentage breakdown of GDP produced within given sector/industry, including agriculture (farming, fishing, forestry), industry (mining, manufacturing, energy production, construction) and services (government agencies, professional services, transportation, finance, communication)
- 8RecessionA decline in overall GDP over two consecutive quarters (quarter = three month period)
- 9Agricultural ProductsSpecified cultivated crops (plants and animals) generating revenues, e.g., rice, wheat, poultry, pork.
- 10IndustriesSpecified sectors/industries (types of businesses) generating revenues, e.g., textiles, chemicals, crude oil, motor vehicles.
- 11Labour ForceTotal number of employed persons and those owning businesses, plus unemployed persons actively seeking work.
- 12Unemployment RatePercentage of labour force currently unemployed but actively seeking work.
- 13Poverty LineAnnual after-tax income (e.g., $24,000/person) determined by governments or social agencies to be fair measure of relative poverty, based on family size and area of residence; also known as low income cut off (LICO) in Canada; according to Statistics Canada's LICO, individuals or families spending more than 63% of their after-tax income on food, clothing and shelter are deemed to be below poverty line, but please note that multiple low-income measurements exist in Canada today.
- 14Annual Government BudgetAnnual government revenues (income taxes, sales taxes, user fees, etc.) and expenditures (education, health care, transfer payments, social program spending, etc.)
- 15Annual Government Budget Surplus (+) or Deficit (-)Annual difference between government revenues and expenditures; difference represents budget surplus if positive (R > E) or budget deficit if negative (R < E); existence of annual deficit requires borrowing by government (debt financing) to fund shortfall.
- 16National DebtAccumulated annual national government deficits (borrowings) since inception minus any repayments of debt principal.
- 17Fiscal YearAny 12-month period over which annual revenues and expenses/expenditures are measured
- 18Inflation RateAnnual percentage increase in prices of specified basket of consumer goods and services, often known as consumer price index (CPI)
- 19Commercial Bank Prime Lending RateInterest rate charged by major banks to their most trusted and creditworthy clients, i.e., large corporations; prime rate is used to set variable interest rate loans and lines of credit, e.g., variable-rate mortgage at prime + 2%; prime rate tends to fluctuate with Bank of Canada's "overnight rate" at which central bank (BoC) lends to major banks; prime rate is currently 3.7% in Canada (click here for explanation of prime rate)
- 20International Balance of PaymentsAccounting record of all financial exchanges, or inflows and outflows of currency, between particular nation and rest of world, and consisting of (i) current account balance and (ii) capital account balance; current account or capital account surplus means inflows are greater than outflows, while current account or capital account deficit means outflows are greater than inflows.
- 21Capital AssetsLong-lasting, income-producing assets such as real estate, equipment, machinery, vehicles, stocks, bonds, etc.
- 22CommoditiesGoods that differ only minimally from one producer to another in terms of both quality and features, e.g., crops, metals, minerals, oil and natural gas, foreign currencies, bandwidth; commodities are typically traded in bulk on commodities exchanges; most commodities are either grown in or extracted from the earth
- 23ExportsGoods and services sold to foreign companies and governments (goods out, money in)
- 24Export PartnersLeading purchasers of exported goods listed by nation.
- 25ImportsGoods and services purchased from foreign companies and governments (money out, goods in)
- 26Import PartnersLeading sellers of imported goods listed by nation
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- Fichas sobre Definitions of Key Economic Terms, creado por Noah Anderson el 01/10/2018.
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- Noah Anderson
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