10.Society faces a short-run tradeoff between inflation and unemployment. The Phillips Curve illustrates the tradeoff petween_inflation and unemployment: Inflation→↑Unemployment It's a short-run tradeoff!
10. Society faces a short-run tradeoff between inflation and unemployment. The Phillips Curve illustrates the tradeoff between inflation and unemployment: Inflation Unemployment It’s a short-run tradeoff!
Summary When individuals make decisions,they face tradeoffs. Rational people make decisions by comparing marginal costs and marginal benefits
Summary When individuals make decisions, they face tradeoffs. Rational people make decisions by comparing marginal costs and marginal benefits
Summary People can benefit by trading with each other. Markets are usually a good way of coordinating trades. Government can potentially improve market outcomes
Summary People can benefit by trading with each other. Markets are usually a good way of coordinating trades. Government can potentially improve market outcomes
Summary A country's productivity determines its living standards. Society faces a short-run tradeoff between inflation and unemployment
Summary A country’s productivity determines its living standards. Society faces a short-run tradeoff between inflation and unemployment
Thinking Like an Economist Chapter 2
Thinking Like an Economist Chapter 2