Neoclassical economics assumes that production, employment, investment, and income distribution are all determined by a condition of equilibrium (with demand equaling supply) in every single market (including markets for both factors of production and produced goods and services).

A statistical measure of inequality. A Gini score of 0 implies perfect equality (in which every individual receives the same income). A Gini score of 1 implies perfect inequality (in which one individual receives all of the income).

A generalized historical process through which more economic activity takes place across national borders. Forms of globalization include international trade (exports and imports), foreign direct investment, international financial flows, and international migration.

Tangible products which are produced in the economy – including agricultural products, natural resources, manufactured goods, and construction.

The value of all the goods and services produced for money in an economy, evaluated at their market prices. Excludes the value of unpaid work (such as caring reproductive labor performed in the home). GDP is calculated by adding up the value-added at each stage of production.