Define

1.Economic growth: in the short run, an increase in real GDP,and in the long run,an increase in productive capacity, that is , in the maximum output that the economy can produce.
2.Unemployment: a situation where people are out of work but are willing and able to work.
3.Labour force: the people who are employed and unemloyed, that is ,those who are economically active.
4.Economically inactive: people of working age who are neither employed nor unemployed..
5.Balance of payments: a record of money flows coming in and going out of a country.
6.Elastic: responsive to change in market conditions.
7.Inflation rate: the percentage increase in the price lever over a period of time.
8.Sustainable economic growth: economic growth that can continue over time and does not endanger future generations' ability to expand productive capacity.
9.Trend growth: the expected increase in potential output over time.It is a measure of how fast the economy can grow without generating inflation.
10.Full employment: a situation where those wanting and able to work can find employment at the going wage rate.
11.Current account deficit: when more is leaving the country than entering it, as result of sales of its exports, income and current transfers from abroad being less than imports and income and current transfers going abroad.
12.Hyperinflation: an inflation rate above 50 per cent.
13.Nominal GDP: output measured in current prices and so not adjusted for inflation.
14.Labour productivity: output per worker hour.
15.Informal economy : economic activity that is not recorded or registered with the authorities in order to avoid paying tax or complying with regulations, or because the activity is illegal.
16.Economy of scale: the advantage of producing on large scale, in the form of lower long-run average cost.
17.Unemployment rate: The percentage of the labour force who are out of work.

The unemployed x 100%
________________
labour force

18.Labour force survey: a measure of unemployment based on a survey using the ILO definition of unemployment.
19.International labour organization (ILO): a member organization of the United Nations that collects statistics on labour market conditions and seeks to improve working conditions.
20.Claimant count: A measure of unemployment that includes those receiving unemployment-rated benefits.
21.Consumers prices index: a measure of changes in the price of a representative basket of consumer goods and services. Differs from the retail prices index (RPI) in methodology and coverage...