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What Is the Phillips Curve? What Does the Phillips Curve

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What is the Phillips curve? What does the Phillips curve suggest about optimal policy?


Definitions:

Time

A dimension in which events can occur in sequence from the past through the present to the future, also a critical element in economic models affecting production, consumption, and investments.

Economics

The social science that studies how individuals, governments, and nations make choices on allocating resources to satisfy their wants and needs.

Sociology

The study of social behavior, society, patterns of social relationships, social interaction, and culture that surrounds everyday life.

Time

A dimension in which events can be ordered from the past through the present into the future, and also the measure of durations of events and the intervals between them.

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