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Describe the VALS typology.How does it segment the population?
Short-run Phillips Curve
A graphical representation showing the inverse relationship between the level of unemployment and the rate of inflation in an economy over the short-term.
Inflation
The degree of uptick in the universal valuation of goods and services, weakening purchase potency.
Natural Rate
The unemployment rate at which the economy operates when it is at full employment, reflecting the long-term levels of unemployment due to structural factors in the labor market.
Unemployment Rate
A measure representing the percentage of the labor force that is jobless and actively seeking employment.
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