Economics Glossary: V

Value added – The difference between the value/price of a good as they leave one stage of production and the cost of the inputs as they entered that stage.

Variable – A measure that can change.

Velocity of money – The number of times a dollar bill (or other currency) changes hands on average during one year.  This can be measured as the nominal GDP value divided by the stock of money.

Vicious-circle-of-poverty hypothesis – The idea that poverty is self-perpetuating because poor countries are not able to save and therefore invest enough to accumulate enough capital to grow out of poverty.

Voucher – A token given by the government to households which they can use to buy or receive certain goods and services.

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