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The distinction between an employee and an independent contractor for the purposes of vicarious liability is increasingly being called into question by the courts.
Nominal GDP
The market value of all final goods and services produced within a country in a given period, measured using current prices without adjustment for inflation.
Real GDP
An assessment of a country's economic production that is corrected for price fluctuations due to inflation or deflation, demonstrating the actual volume of goods and services created.
GDP Deflator
An economic metric that converts output measured at current prices into constant-dollar GDP, reflecting the effects of inflation.
Inflation Rate
An upward adjustment in the price levels of goods and services witnessed in an economy over a set period.
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