Examlex
The time required for a job to move through the system is referred to as flow time.
Phillips Curve
A theoretical inverse relationship between rates of unemployment and corresponding rates of inflation, suggesting that inflation rises as unemployment falls, and vice versa.
Aggregate Demand
The aggregate demand for every good and service within a certain economy or market.
Long-run Phillips Curve
A concept suggesting that in the long term, there is no trade-off between inflation and unemployment, implying the curve is vertical at the natural rate of unemployment.
Inflation Rate
A percentage-based uplift in the cost of goods and services within an economy over a designated timeframe.
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