Phillips Curve - 5.2
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SoL
Standard of Living
Rule of 70
allows us to find # of years it will take for a statistical measure to double given its annual % Ex: 3% rate of growth → Years to Double GDP = 70/3 = about 23 years
relationship between inflation/unemployment
inflation ^ unemployment - (inverse)
increase/decrease in aggeragate demand
move along SRPC
what is NAIRU
regardless of inflation, the amount of unemployment that we have
real gdp formula
rgdp = hours of work x labor productivity
increase/decrease in aggeragate supply
shifts the SRPC
