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Glossary of terms

This glossary defines terms related to the economy and the job market.
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A recurrent benefit, usually measured in money, which derives from capital and labor. Income includes wages, tips, salaries, bonuses, profits, rents, interest and dividend income, transfer payments and proprietors’ income.


Businesses are classified into an industry category using the North American Industry Classification System (NAICS), according to the products or services that account for the majority of their revenue.

Industry cluster

Groups of similar and related firms in a defined geographic area that share common markets, technologies, worker skill needs and which are often linked by buyer-seller relationships.

Industry employment

A count of the number of jobs available by industry. Full- and part-time workers who work or receive compensation from establishments for any part of the pay period including the 12th of the month are counted.


The rate of increase in the general price level for a given geographic area from one period to the next. The two most common price indices used to measure inflation are the Consumer Price Index (CPI) for consumption and the Gross Domestic Product (GDP) price deflator for production.

Inflation-adjusted dollars or prices

The adjusted dollar value or price of a good or service to compensate for inflation. Adjusting for inflation allows comparisons in the real value of a good or service over time.

Inflation-adjusted per capita personal income

Average income per person for a specific geographic area after adjusting for inflation.

Inflationary expectation

Anticipation of higher inflation contributing to faster price increases.


The underlying foundation or basic physical and organizational structures and facilities such as roads, utilities, schools and hospitals required for a country, region or organization to function well.


A structured program where a person gains supervised practical experience in an occupation.