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Cost-Push Inflation
Inflation caused by an increase in the costs of production, such as higher wages or material costs, leading to decreased aggregate supply.
Union Wage
The standard wage rate established through collective bargaining by unions on behalf of their members.
Fiscal Policies
Fiscal policies are government spending and tax policies used to influence economic conditions, including aggregate demand, employment, and inflation.
Cyclical Unemployment
Cyclical unemployment is the result of downturns in the business cycle, rising during economic recessions and declining in periods of economic growth.
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