Economic Growth

Definition

  • The rate of change in output from the current year to the next year.

Synonyms
GDP growth, gross domestic product growth, economic expansion, financial growth

Related Terms and Acronyms

  • Exports Definition,
    • Products and services produced in Canada and sold in other countries.
  • Fiscal Deficit Definition,
    • When the government spends more money than it receives in revenue over the course of one year.
  • Fiscal Policy Definition,
    • The use of government spending and taxation policies to influence the economy.
  • Fiscal Surplus Definition,
    • When the government receives more in revenue than it spends over the course of the year.
  • Gross Domestic Product (GDP) Acronym,
    • The total value of all the goods and services produced by the Canadian economy in a single year.
  • Gross National Product (GNP) Acronym,
    • The value of all goods and services accruing to Canadians in a given year. It equals Gross Domestic Product, plus income of Canadians from foreign production, less income from Canadian production earned by non-residents (such as interest and dividends paid to foreign lenders).
  • Inflation Definition,
    • A rise in the average level of prices in the economy.
  • Loss Definition,
    • When expenses are larger than revenues.
  • North American Free Trade Agreement (NAFTA) Acronym,
    • An agreement between the United States, Canada, and Mexico that allows for freer trade between the three countries.
  • Profit Definition,
    • When revenues exceed expenses.
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