Examlex
In an experiment,the variable that is controlled or manipulated by the researcher is called the
Output
The total amount of goods or services produced by a firm, industry, or economy within a specified time period, reflecting the level of production activity.
Unemployment
The situation in which individuals who are capable of working and willing to work cannot find employment.
Short-run Phillips Curve
A graphical representation showing an inverse relationship between the rate of inflation and the unemployment rate in the short-term.
Long-run Phillips Curve
The long-run Phillips Curve illustrates the theory that over time, the relationship between inflation and unemployment stabilizes, suggesting no long-term trade-off between the two.
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