b) Phillips curve

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Last updated 10:14 PM on 7/2/26
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4 Terms

1
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  • state how the unemployment rate affects the inflation rate

  • low unemployment → high inflation

2
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  • explain why low unemployment causes high inflation

  • labour scarcity → wage inflation

  • high production cost → cost-push inflation

  • more disposable income → demand-pull inflation

3
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  • show a short-run Phillips curve

4
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  • n/a

  • n/a