Main Economic groups and factors of production

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.

Boom - A period of high economic activity and high levels of employment.

Recession - A period when the country's GDP falls for two (or more) consecutive quarters.

Labour Force (or Workforce - The number of people who work in a country.

Employment - The use of labour in the economy to produce goods and services.

Unemployment - Occurs when workers able and willing to work at the current wage rates are unable to find employment.

Claimant Count - The method of measuring unemployment according to the number of people who are claiming unemployment-related benefits.

Level of Unemployment - The number of people in the working population that are unemployed.

Rate of Unemployment - The percentage of the country's workforce that is unemployed.

Unemployment Rate = Number of unemployed divided by Workforce x 100 

Frictional Unemployment - Unemployment caused by time lags…