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How will an adverse supply shock shift the short-run Phillips curve, and how does inflation change?
Conspicuous Consumption
The purchase and use of goods and services to publicly display wealth rather than to meet basic needs.
Thorstein Veblen
An American economist and sociologist best known for his theory of the leisure class and criticisms of capitalism.
Karl Marx
A 19th-century philosopher, economist, and revolutionary socialist who developed the theory of Marxism.
Paper Loss
indicates a loss that has occurred on paper due to a decrease in the market value of an investment, but has not yet been realized through a sale.
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