Gross Domestic Product
- The total value of all the goods and services produced by the Canadian economy in a single year.
standard of living
Related Terms and Acronyms
- Economic Growth — Definition,
- The rate of change in output from one year to the next.
- 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 Surplus — Definition,
- When the government receives more in revenue than it spends over the course of the 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.
- Macroeconomics — Definition,
- A study of the economy as a whole, particularly the interaction of its various components.
- Microeconomics — Definition,
- Looking at the individual parts of the economy, with emphasis given to the market process and how it works.
- Monetary Policy — Definition,
- The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.
- 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.