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How can the difference between the current unemployment rate and the natural rate of unemployment help explain changes in inflation?
Price of X
The amount of money required to purchase a specified amount of good or service 'X'.
Price of Y
The cost or value attributed to a good or service denoted by 'Y', often set by market demand and supply or by the seller.
Utility Function
A mathematical representation that ranks preferences or satisfaction levels of a consumer for different bundles of goods.
Budget Constraint
A representation of all the combinations of goods and services a consumer can afford to buy with their income.
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