Skip Navigation

Photo on glossary page

Glossary of terms

This glossary defines terms related to the economy and the job market.
A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z


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.


A group of firms that engage in similar activities. Every business is 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 its revenue. Industry classifications and business listings also provide a direct link to potential employers in a labor market.

Industry cluster

A group of industries with nonspecific terms (such as tourism) into similar economic activities. For example, an agricultural cluster links a agricultural producer with its suppliers (i.e., representing growers with packing and shipping businesses). This can also include a geographic concentration of firms, suppliers and institutions.

Industry employment

A count of the number of jobs available by industry. Full- and part-time workers (including employees on paid vacation and paid sick leave) who work or receive compensation from establishments for any part of the pay period including the 12th of the month are counted. Workers involved in labor management disputes are excluded.


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

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

Per person income of an area after adjusting for inflation.

Inflationary expectation

Anticipation of higher inflation contributing to faster price increases.


The underlying foundation or basic resources required to conduct an activity, such as roads, sewer, water, electrical grids, schools and hospitals.


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