Examlex
A quota is the minimum amount of some good that can be bought and sold in the market.
Long-run Phillips Curve
A graphical representation showing the relationship between inflation and unemployment when inflation expectations are fully adjusted to actual inflation.
Natural Rate
The long-term unemployment rate that is observed once the effect of short-term cyclical factors has been removed, considered to be the rate of unemployment consistent with a stable rate of inflation.
Short-run Phillips Curve
A curve illustrating the inverse relationship between the rate of inflation and the rate of unemployment in an economy for a short-term period.
Expected Inflation
The rate at which consumers, businesses, and investors expect prices to rise over a future period.
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