Key Economic and Social Indicators
Human Development Indicators
The United Nations published the Human Development Index in 1990. It takes into account GDP, life expectancy, literacy rates, and school enrollment.
Another indicator, sometimes discussed in the context of preparing for the future, considers economic growth, income per capita, health spending, technological development, education level, youth unemployment, poverty, social inequality, and corruption.
Vocabulary
- Other things equal (Ceteris Paribus): The variations that occur between supply and demand for a good or service caused by a change in its price, assuming all other factors remain unchanged.
- Model: A representation of a determined reality. The main limitation is that the number of variables used should be very small. Its main advantage is that it can be expressed mathematically.
- Barriers to Entry: Difficulties a potential supplier may face when trying to enter a market.
- Imperfect Competition: Markets where not all agents are price-takers. This can occur when there are few participants.
- Collective Agreement: A rule regulating labor relations, created through consensus between workers and employers.
- Patent: Temporary protection granted by law to an inventor, providing exclusive use of the invention if listed in an official register.
- Market Share: The proportion of a sector's total turnover achieved by a specific firm, usually expressed as a percentage.
- Cartel: A group of companies that maintain their independence but agree to eliminate competitors, fix their own prices, and divide the market.
- Public Goods: Goods that satisfy two conditions: 1. Consumption by one person does not reduce the amount available for others (non-rivalrous). 2. It is impossible to exclude people who have not paid from consuming the good (non-excludable).
Key Rates
- Participation Rate: (Active Population / Working-Age Population) * 100
- Unemployment Rate: (Unemployed Population / Active Population) * 100
- Employment Rate: (Employed Population / Active Population) * 100