Examlex
Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
Old Regime
Phillips Curve
A concept suggesting an inverse relationship between the rate of inflation and the rate of unemployment within an economy.
Desired Expenditures
The amount of spending households, firms, and the government wish to make, usually influenced by economic conditions and policies.
Inflation
A persistent upsurge in the average cost of goods and services across an economy over time.
Unemployment
The situation when people who are willing to work at current wage rates cannot find jobs.
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