Have Students Identify Circular Patterns They Have in Their Own

question 32

Essay

Have students identify circular patterns they have in their own families of origin or their families of creation, or even among their friendships. Discuss why the patterns exist and what can be done to change or modify them.

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Definitions:

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.

Inflation

The degree of uptick in the universal valuation of goods and services, weakening purchase potency.

Natural Rate

The unemployment rate at which the economy operates when it is at full employment, reflecting the long-term levels of unemployment due to structural factors in the labor market.