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For effective communication to occur, it is mandatory for the sender to play an active role, but the receiver can play a passive role.
Phillips Curve
An economic concept that depicts an inverse relationship between the rate of unemployment and the rate of inflation in an economy over time.
Phillips Curve
An economic concept that demonstrates an inverse relationship between the rate of unemployment and the rate of inflation within an economy.
Short-Run Aggregate Supply
The total supply of goods and services that firms in an economy plan on selling during a short period, assuming some prices/wages are sticky.
Short-Run Phillips Curve
A visual depiction illustrating the opposite correlation between inflation rates and unemployment rates within an economy for a brief period.
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