question (1 Viewer)

[Sleeping Beauty]

wat is economics??
wat is the phillips curve??

someone juz ans the abv. help appreciated

 

[elizabethy]

as far as i remember-
economics is the study of how society manages its scarce resources.

the short run trade-off b/w inflation n unemployment is phillips curve.
some1 correct me if im wrong!!!

 

[Sleeping Beauty]

thankss elizabethy , can i buy ur economics hsc notes????

 

[elizabethy]

LOL!! i didn't do economics for my hsc!!:rofl:
but i was able 2 ans ur question cos economics was one of my compulsory subjects when i was overseas.

 

[santaslayer]

philips curve...... graphical representation of the trade-off between inflation and unemployment
basically if u were to increase one side, the other would decrease.....and vice versa
if both sides increase accordingly then its called stagflation......and if inflation drops too much its called deflation......hope i didnt jibber too much

 

[AGB]

the key thing to the philips curve is that it is only in the short term...

 

[elizabethy]

yeah , it is a "short-run" trade off!!