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- Become familiar with the Phillips curve model and how it describes the relationship between unemployment and inflation.
- Name the factors that shift the Phillips curve.
- Describe the behavior of the Phillips curve in both the long run and the short run.
1. The Phillips Curve Model: Inflation and Unemployment
Can we have low unemployment and low inflation at the same time? Some economists think the answer is no. In this lesson, we'll explore the relationship between inflation and unemployment in the short run, what economists call the Phillips Curve.
2. Factors That Shift the Phillips Curve
Inflation and unemployment are inversely related. In this lesson, discover the factors that lead to a shift in the Phillips Curve by looking at a fictitious economy as an example.
3. The Phillips Curve in the Short Run: Economic Behavior
Economists have ways to describe the changes in the economy. In this lesson, discover the short-term relationship between inflation and unemployment - what economists refer to as the Phillips Curve.
4. The Phillips Curve in the Long Run: Inflation Rate
How do unemployment and inflation affect each other? In this lesson, you'll discover why the Phillips curve is vertical in the long run with the help of some real world examples.
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