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economy

how a country or place is performing in making and using resources and the amount of money they have

economic cycle

the fluctuations in an economy over a time period

economic growth

increase in the value of goods and services produced from 1 year to the next

economic boom

period of rapid economic growth

economic recession

economic decline classified by fall in gdp in 2 succesive quarters

economic depression

long and severe period of economic decline

economic recovery

when economy is bouncing back from a recession and starting to grow or expand again

economic development

process of improving overall wellbeing and quality of life for people in a country or region

sustainable economic development

development in a way that achieves current needs without harming future generations ability to achieve theirs

fiscal policy

uses government spending through national budget and tax policies to influence economic conditions of a country

monetary

actions to influence cost and supply of money in economy

economic indicators

statistics about economic activity

central statistics office (cso)

irelands national statistics office

national income

total income earned in a year by residents in a country through production of goods and services

gross domestic product (gdp)

total amount of goods and services produced in a country

gdp per capita

economic metric that breaks down countrys economic output per person

gross national product (gnp)

total amount of goods and services produced by a countrys residents both domestically and abroad

gross national income (gni)

total amount of income earned by countrys residents and businesses both domestically and abroad

inflation

increase in average prices from one period to the next

consumer price index (cpi)

official measure of inflation in ireland that measures overall change in price of goods and services over time

harmonised index of consumer prices (hicp)

measure of inflation in the eu

shrinkflation

reduction in size due to competition or rising costs

skimpflation

reduction in quality due to competition or rising costs

cost push inflation

higher goods and services prices due to rising production costs

demand pull inflation

higher goods and services prices due to more demand

imported inflation

when prices of goods and services imported increase in price

cost of living claim

pay claim due to cost of living

deflation

general decline in price levels of goods and services

labour force

total number of people employed and total number of people unemployed and actively seeking work

unemployment rate

percentage of labour force that have no job

live register

tracks people with unemployment benefits in ireland

full employment

all members capable of working are employed

exchange rate

relative price of currency in terms of others

sovereign credit rating

independent assessment of its creditworthiness

debt to gdp ratio

economic indicator that demonstrates countrys ability to repay loan

corporation tax

annual tax on company profits

consumer confidence index (cci)

standardised confidence indicator providing indication of future developments in households consumption and saving

foreign direct investment (fdi)

when a company invests in another country by setting up operations or physical presence there

industrial development authority (ida) ireland

government agency tasked with attracting and retaining fdi in ireland