Definitions

Globalization

An increasing integration and interdependence of people, businesses and governments around the world.

Goods sector

The sector of the economy made up of industries that harvest, extract, process, or transform raw materials into physical products.

Graduate

A person who has completed a qualification such as a degree or diploma.

Gross domestic product (GDP)

A measure of the value of all goods and services produced within the economy. It is the standard measure of the size and performance of the economy, and is usually expressed in billions of dollars. (Note: The term “value added” is sometimes used interchangeably with GDP. See Value-added.)

Immigration

The movement of people into a country from other countries with the intention of becoming permanent residents in the new country.

Imports

Goods and services brought into a country from other countries.

Imputed rental income

An estimate of how much rent a homeowner would have to pay for the house, condominium or other dwelling he or she lives in. It is a measure included in Gross Domestic Product (GDP).

Indices

Measures showing how the value of things—such as prices, wages, incomes and employment—changes over time. They are expressed as a percentage relative to the base period, which is assigned the value 100. Example of indices: the Consumer Price Index (CPI) and the Dow Jones Industrial Average index.

Industry

A group of establishments that produces a common set of goods or services. For example, the retail trade industry includes all the establishments that buy goods and resell them to the public.

Inputs

Goods and services (labour, capital and materials) used in the production process. Example: the inputs in millworking include:

• labour
• capital (such as the millworking factory, a table saw or a power sander)
• raw materials (wood) materials produced by other companies (such as nails and glue)
• fuel and energy (electricity, oil or gas)
• purchased services (such as transportation from the factory to the building supply store or the services of the company’s accountant)

Interest rates

The rate of interest charged on mortgages and loans, or paid on savings.

Investment

An amount of money paid into something, such as a business start-up or a factory expansion, with the aim of making a profit.

Job

A paid position requiring the person in it to have specific knowledge, skills, experience or training. The required tasks of the job may be carried out at a work site, in a company or home office, or other place (such as a mode of transportation: transport truck, train, plane, taxi, etc.)

Journey-level

An experience level that applies to completion of an apprenticeship program or experience as a fully-qualified worker in a trade.

Labour

The work effort of any type of worker, from farm labourer and tradesperson to doctor and office worker.

Labour force

The population 15 years of age and older across Canada that is employed or unemployed, but actively looking for work. Also referred to as “workforce.” See Workforce.

Labour Force Survey (LFS)

A monthly survey conducted by Statistics Canada across the 10 provinces. About 56,000 households are surveyed to determine whether people 15 years of age or older are working, not working, actively looking for work, or no longer actively looking for work (meaning not in the labour force).

Labour income

The wages a worker earns, as well as the benefits paid by the employer. Labour income accounts for about two-thirds of the total value added in the economy, making it the biggest component of Gross domestic product (GDP).

Labour market

Where buyers of labour (employers) and sellers of labour (employees) meet to satisfy job requirements within the Canadian economy or marketplace.

Labour mobility

The ability a worker has to move among employers, among occupations (usually having the same or similar skill requirements), or among geographical areas.

Market

An area, location or environment developed to facilitate the exchange of goods and services among buyers and sellers. Buyers and sellers typically deal in currency (money).

Market intelligence

Information gathered by individuals or organizations that have extensive knowledge of employment trends for a specific labour market, industry or occupation.

Master’s degree

Graduate degree of university education. Typically takes at least one year to complete after the completion of a bachelor’s degree.

Migrants

People who move from one place to another within a specified geographic area, such as within a province or country, or to a different country, often to find work or for other economic reasons.

National Occupational Classification (NOC)

A system of classifying and coding all occupations in Canada. The NOC is the basis for the organization of occupations in WorkBC.