Examlex
What does the Phillips curve represent?
Natural Rate
The natural rate often refers to the natural rate of unemployment, which is the level of unemployment expected in an economy without short-term fluctuations.
Labor Force
The aggregate count of individuals who are either working or actively looking for work within a specific economy.
Unemployment Rate
The fraction of job-seekers within the labor force who do not have a job.
Exogenous
Factors or influences arising outside of a system that affect a model or process, without being affected in turn by that system.
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