A time of rapid growth and expansion in the economy
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Stands for Brazil, Russia, India, China and (since 2010) South Africa
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Measures actual output as a percentage of the theoretical maximum possible output
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Includes all assets that can generate income and includes premises, equipment and financial assets
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Production that uses large amounts of capital and relatively little labour
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Markets with completely free trade internally and a common external trade policy overing the rest of the world
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Refers to the theory that if two countries specialise in a product which for them has the lowest opportunity cost, and then trade, real incomes will increase
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Occurs when two businesses that have nothing in common join together
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Value every year's output at the price levels of a base year, removing the effects of inflation
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The total household spending on goods and services
