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Acknowledgement of Country
A formal recognition of the traditional custodians of the land where the event is held, showing respect for Indigenous peoples.
GDP per capita
A measure of a country's economic output that accounts for its number of people, adjusted for inflation.
The Rule of 70
A formula that estimates the number of years for a variable to double based on its annual percentage growth rate.
Productivity
The amount of goods and services produced per hour of labor.
Production Function
An equation that describes the relationship between input factors and the output of goods and services.
Natural Rate of Unemployment
The level of unemployment that exists when the economy is at full employment, accounting for frictional and structural unemployment.
Frictional Unemployment
Unemployment that occurs when people are in between jobs or entering the labor market.
Structural Unemployment
Unemployment arising from a mismatch between the skills of workers and the skills needed for jobs.
Cyclical Unemployment
Unemployment that results from economic downturns or recessions.
Inflation
A sustained increase in the general price level of goods and services in an economy over a period.
Deflation
A decrease in the general price level of goods and services.
Nominal Interest Rate
The stated interest rate on a loan or investment, not adjusted for inflation.
Real Interest Rate
The nominal interest rate adjusted for inflation, reflecting the true cost of borrowing.
Costs of Inflation
The negative effects that rising prices can have on the economy, including shoeleather costs and arbitrary redistributions of wealth.
Consumer Price Index (CPI)
A measure that examines the weighted average of prices of a basket of consumer goods and services.
Economic Growth
An increase in the production of economic goods and services, compared from one period of time to another.
Living Standards
The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area.
