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Short Run Phillips Curve definitions

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Termini in questo insieme (15)

  • Phillips Curve
    A graphical tool showing the trade-off between inflation and unemployment, typically with a downward slope indicating their inverse relationship.
  • Inverse Relationship
    A situation where one variable rises as the other falls, such as inflation increasing while unemployment decreases.
  • Aggregate Demand
    The total demand for goods and services in an economy at a given overall price level and time.
  • Aggregate Supply
    The total output of goods and services that firms in an economy are willing to produce at a given price level.
  • Equilibrium
    A point where aggregate demand equals aggregate supply, determining the economy's price level and output.
  • GDP
    The total market value of all final goods and services produced within a country in a specific period.
  • Price Level
    A measure reflecting the average prices of goods and services in an economy, used to track inflation.
  • Inflation
    A sustained increase in the general price level, often measured as a percentage change from one year to the next.
  • Unemployment
    The percentage of the labor force that is not employed but actively seeking work.
  • Short Run Phillips Curve
    A curve illustrating the temporary inverse relationship between inflation and unemployment in the short term.
  • Trade-off
    A situation where achieving lower values for one variable, like unemployment, results in higher values for another, like inflation.
  • Employment
    The condition of having paid work, which increases as GDP rises due to higher aggregate demand.
  • Base Year
    A reference period used for comparison in economic measurements, such as price levels or inflation rates.
  • Output
    The total quantity of goods and services produced, closely linked to employment and GDP.
  • Axes
    The horizontal and vertical lines on a graph, here representing unemployment rate and inflation rate on the Phillips curve.