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What is a method used to describe performance over time and identify trends?
Short-Run Phillips Curve
A graphical representation that shows the inverse relationship between short-term inflation and unemployment rates, suggesting a trade-off.
Inflation Rate
The percentage increase in the general level of prices for goods and services in an economy over a period of time, often measured annually.
Natural Rate
Often referred to as the natural rate of unemployment, it is the level of unemployment consistent with a stable rate of inflation.
Unemployment
Unemployment is the state of being without a job despite actively looking for work, reflecting the portion of the labor force unable to find gainful employment.
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