Examlex
The base components of DNA are:
Adverse Supply Shock
A situation where the supply of goods decreases suddenly, leading to higher prices and lower quantities available.
Short-Run Aggregate-Supply Curve
Depicts the relationship between the price level and the quantity of goods and services that firms are willing to produce, taking some inputs as fixed.
Short-Run Phillips Curve
A graphical representation that shows the inverse relationship between short-term inflation and unemployment rates, suggesting a trade-off.
Inflation Rate
The percentage increase in the general level of prices for goods and services in an economy over a period of time, often measured annually.
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