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If SA citizens become less concerned with the future and save less at each real interest rate, real interest rates
Natural Rate
The level of economic activity or output at which the economy operates without causing inflation to accelerate, often associated with unemployment or interest rates.
Inflation Expectations
The rate at which people expect prices to increase over a period, influencing their economic behavior.
Long-Run Average Unemployment Rate
The unemployment rate that is expected to prevail in the long-term, factoring in the natural movement of the workforce in and out of jobs.
Market Power of Unions
The capacity of labor unions to influence wages, working conditions, and employment levels through collective bargaining.
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