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A.W. Phillips
An economist known for describing the inverse relationship between rates of unemployment and corresponding rates of inflation, which is now known as the Phillips Curve.
United Kingdom
A sovereign country located off the northwestern coast of mainland Europe, comprising England, Scotland, Wales, and Northern Ireland.
Rate Of Change
The speed at which a variable changes over a specific period of time.
Sacrifice Ratio
The measure of the decline in annual output required to reduce inflation by one percentage point.
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