An agreement between a firm and the union(s) representing its employees that in the event of disagreements which cannot be resolved by negotiation both sides will accept the results of arbitration rather than resorting to strike action.
A scenario where rapid population growth hinders any improvement in living standards due to the necessity of all available savings to maintain the current capital–labour ratio.
Understanding specialization in economics, where entities focus on producing specific goods and services while relying on others for what they do not produce.
A monetary policy rule that postulates how a central bank determines interest rates based on deviations in inflation and output gap from their target values.