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15 cards from this deck
Level of unemployment where inflation remains stable, neither accelerating nor decelerating
Frictional and structural unemployment
Cyclical unemployment
Level below which inflation accelerates
Can be below full employment
Higher output, no price increase
Vertical at full employment
Active govt intervention to manage demand
Supply-side policies
Inflation and unemployment
Inverse: higher inflation, lower unemployment
Vertical at natural rate of unemployment
No trade-off exists
Lower unemployment, higher inflation
Only causes higher inflation
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