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Phillips Curve
A concept in economics that demonstrates an inverse relationship between the rate of unemployment and the rate of inflation.
Shift
In economics, a change in the position of a demand or supply curve which reflects a change in conditions other than price.
Adverse Supply Shock
A sudden and significant decrease in the supply of a good or service, which typically leads to an increase in prices and can temporarily boost inflation.
Short-run Phillips Curve
A graphical representation showing the inverse relationship between the level of unemployment and the rate of inflation in an economy over the short-term.
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