Assumptions
Assumptions are a modelling choice made by a researcher concerning the distribution of the data to be modelled, how the parameters of that distribution can be over observations or time, and the dependence of one observation on another. The Assumptions serve the dual purpose of reducing the number of parameters in the model that must be estimated and imbuing potential estimators with certain properties. The goals of the modelling process are description and inference, and how well a model accomplishes these goals is a direct function of how appropriate its assumptions are for a particular data set.
Source : contribution IHS
Business cycle
Short-run variation in economic growth is termed the business cycle. It refers to economy-wide fluctuations in production, trade and economic activity in general over several months or years in an economy. The business cycle moves up and down, creating fluctuations around the long-run trend in economic growth.
Source : contribution IHS
Competence
Proven ability to use knowledge, skills and personal, social and/or methodological abilities, in work or study situations and in professional skills and personal development.
Source: Cedefop, 2011
Data set
The number of people in work (headcount), national accounts definition, (or the number of jobs in some cases), split by various dimensions, including sector, occupation, gender and highest qualification held.
Source: Cedefop (2011)
Employment
The number of people in work (headcount), national accounts definition, (or the number of jobs in some cases), split by various dimensions, including sector, occupation, gender and highest qualification held.
Source: Cedefop (2011)
Employability
Combination of factors which enable individuals to progress towards or get into employment, stay in employment and progress during their careers.
Source: Cedefop (2011)
Gross Domestic Product (GDP)
GDP is the most widely cited measure of aggregate economic activity. GDP can be determined in three ways, all of which should, in principle, give the same result. They are the production (or output) approach, the income approach, and the expenditure approach.

GDP output approach
It is the value of goods and services produced in an area, industry or sector of an economy within a fixed period of time. The major sectors of an economy are manufacturing, construction, agriculture and services

GDP expenditure approach
All expenditures incurred by individuals during a fixed period of time. Such expenditures may be private and government consumption, investment.
GDP income approach
This method measures GDP by adding incomes that firms pay households for factors of production they hire- wages for labour, interest for capital, rent for land and profits for entrepreneurship within a fixed period of time.
Source: contribution IHS

Frequency
Frequency refers to how often data is collected to create points in a time series. The data-entry may be daily, monthly, quarterly or yearly.
Source: contribution IHS
ISCO
International Standard Classification of Occupations
Source: contribution AEUB
ISCED
International Standard Classification of Education
Source: contribution AEUB
Labour force
The number of people economically active (the sum over the various age ranges of the working age population * the relevant labour market participation rate) which includes employed and unemployed.
Source: Cedefop (2011)

Long-term trend
The long-term trend, e.g. of economic growth, is due to structural causes such as technological growth and factor accumulation.

Source: contribution IHS

Macroeconomics
Deals with the performance, structure, behaviour, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies. The most common macroeconomic indicators cover economic growth, the labour market and the development of prices.
Source: contribution IHS
Mismatch
Where the knowledge, skills and competences of an individual do not meet the requirements of a job or more generally of the labour market.
Source: Cedefop (2011)
NACE
The Statistical classification of economic activities in the European Community, abbreviated as NACE, is the nomenclature of economic activities in the European Union (EU). NACE is a four-digit classification providing the framework for collecting and presenting a large range of statistical data according to economic activity in the fields of economic statistics (e.g. production, employment and national accounts)
Source: contribution IHS
National accounts
National accounts or national account systems (NAS) are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting. By design, such accounting makes the totals on both sides of an account equal even though they measure different characteristics, for example, production and the income.
Source: contribution IHS
Nominal or real amounts
Economic indicators can be expressed in nominal or real terms. If the data is presented in real amounts, the effect of a price change over time has been removed.
Source: contribution IHS
Qualification
Qualifications: This term refers to the highest level of education/qualification held by the individual. The ISCED classification is used for this purpose. The most aggregate level distinguishes three main levels of education/qualification: high (ISCED 5-6), medium (ISCED 3-4, excluding 3c short) and low (ISCED 0-2, plus 3c short).
Source: Cedefop 2011
Quantitative forecasting
A statistical technique for making projections about the future which uses numerical facts and prior experience to predict upcoming events. The two main types of quantitative forecasting are the explanatory method that attempts to correlate two or more variables and the time series method that uses past trends to make forecasts. A combination of both is forecasting with a multivariate system of equations.
Source: contribution IHS
Seasonality
Seasonality exists when observations with a daily, monthly or quarterly frequency in certain seasons display strikingly different features to those in other seasons. Seasonality is often noticeable right away by plotting the time series.
Source: contribution IHS
Skills obsolescence
The ‘degree to which professionals lack the up-to-date knowledge or skills necessary to maintain effective performance in their current or future work roles’ (Kaufman, 1974).
Source: contribution AEUB
Time series
A time series is a sequence of data points, measured typically at successive points in time spaced at uniform time intervals.
Source : contribution IHS