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According to Friedman and Phelps,the long-run Phillips curve is
Recurring Cost
Expenses that occur at regular intervals, such as monthly rent or annual subscriptions.
Back-end Ratio
The back-end ratio measures a person's total debt payments as a percentage of their income, commonly used by lenders to assess borrowing capacity.
Pre-approved
An initial approval indicating a customer may qualify for certain loans or credit cards, usually based on a preliminary credit information review.
Gross Annual Income
Gross Annual Income refers to the total amount of income earned in a year before any deductions are made, such as taxes and retirement contributions.
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