Chapter 5 Economics` volcab

Economic growth : in the short run, an increse in real GDP, in the long run, an increase in productive capacity.
Unemployment : a situation where people are out of work but willing and able to work.
Labour force : people who are employed and unemployed, that`s says people who are economically active.
Economically inactive : people of working age who are neither employed nor unemployed.
Deflation : a sustains falling in price level.
Balance of payment : money come in and going out of a country.
inflation rate : the percentage increase in price level over a time period.
Sustainable economic growth : economic growth that can continue over time without affecting future generations` ability to expand productive capacity.
Trend growth : the expected increas in potential output over time. it is a measure of how fast economic can grow without generating inflation.
Full employment : people who wanting and able to work can find employment at the going wage rate.