Describe what the phillips curve represents

Assignment Help Macroeconomics

Reference no: EM133823536

Problem: Humanities & Macroeconomics

In your own words, address the following requirements.

Be sure to exceed a minimum of 125 words for each requirement to ensure thorough depth and detail is utilized in demonstrating your understanding of the answer.

Identify and describe three types of unemployment and include a description of a hypothetical scenario in which you (as an unemployed citizen) are experiencing each type of unemployment.

We might think that the terms "full" or "maximum" employment is when the unemployment rate is 0% when in fact, there is still some level of unemployment when the economy is experiencing "full employment."

1) Explain what "full employment" means and describe this as it relates to the PPF curve.
2) Describe what the Phillips Curve represents and explain the relationship between the two factors depicted on the curve.

Reference no: EM133823536

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