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A sudden and sharp increase in price, value, or quantity. It is a key term for IELTS Academic Task 1 graph descriptions.

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

A virtuous cycle where one good event leads to another, creating a positive feedback loop. It is often used to describe healthy economic or social growth.

The total number of people who are available to work; also the physical and mental capacity of a person to perform labor.

To gradually invade or take over someone else's territory, market share, or rights, like a silkworm eating a mulberry leaf.

An amount that remains after the required amount has been used; a surplus.

The spreading effect or influence that an action or event has on other areas; ripple effect or spillover effect.

The state of changing or fluctuating. It is mostly used to describe changes in numbers, prices, weather, or unstable situations.

To be very rare or scarce, meaning the supply is much less than the demand. It is a fundamental concept in economics regarding resource allocation.

The efficiency of production, typically measured as the ratio of output to input. It indicates how much is produced per unit of effort or time.