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Marco is an athlete and plays three different types of sports.When he sees Emma in a track suit, he assumes that she is an athlete as well.The reason this happens is that Marco's schema is
Long-run Phillips Curve
A graphical representation suggesting that in the long run, there is no trade-off between inflation and unemployment, as the economy adjusts to natural levels of employment.
Labor Force
The total number of workers, including both the employed and the unemployed
Expected Inflation
The rate at which general prices of goods and services are anticipated to rise over a specific period.
Actual Inflation
The actual rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.
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