policy conflicts and trade-offs
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11 Terms
what is the biggest clash seen so far
economic growth and inflation
what does a kuznets curve illustrate
environmental degradation accelerates with economic growth but slows down beyond a certain point and the declines as economies become more advanced
draw a short run phillips curve
what does a short run phillips curve show
demonstrates the conflict between low inflation and low unemployment
how do you move along a short run Phillips curve
shifting AD
explain the short run phillips curve using a chain of analysis
state 3 disadvantages associated with increasing levels of unemployment
outline 3 problems with high inflation rates
define stagflation
high levels of inflation combined with a decline in GDP/output and high unemployment
what would be an evaluative point for the phillips curve
when stagflation occurs the phillips curve does not hold
explain stagflation with the phillips curve and give a diagram
