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According to the text,how long has the scientific study of human development existed?
Long-run Phillips Curve
An economic concept stating that in the long run, there is no trade-off between inflation and unemployment; the curve is vertical at the natural rate of unemployment.
Inflation
How rapidly the across-the-board prices of goods and services increase, impairing fiscal buying ability.
Unemployment
Unemployment occurs when individuals who are capable of working and are looking for a job are unable to find employment. It is a key economic indicator.
Money Neutral
The principle that changes in the money supply only affect nominal variables and not real variables like output in the long run.
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