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Inflation Expectations
Inflation expectations are the rate at which people—consumers and investors—expect the general level of prices to change in the future.
Unemployment Rate
The portion of the labor market that consists of people who are jobless and actively on the lookout for work.
Favorable Supply Shock
An unexpected event that increases the supply of a good or service, leading to a lower equilibrium price.
Short-run Phillips Curve
A graphical representation showing an inverse relationship between the rate of unemployment and the rate of inflation in the short-term.
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