ECON 248 17.1 The Phillips Curve

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4 Terms

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A curve which shows the short run trade-off between inflation and unemployment.

Phillips Curve

<p>Phillips Curve</p>
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When aggregate demand increases, the supply of goods also increases, but to account for the increased supply, employment has to ().

Increase

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increased demand also results in a higher (), which leads to a lower unemployment rate.

Inflation Rate

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