 |  Macroeconomics, 9/e Campbell R. McConnell,
University of Nebraska, Lincoln
Stanley L. Brue,
Pacific Lutheran University
Thomas P. Barbiero,
Ryerson University
Long-Run Macroeconomic Adjustments
Key TermsBelow are the key terms featured in this chapter. Clicking on a term will reveal its definition. The textbook's full glossary is also available for online searching.
| Aggregate supply shocks | Sudden, large changes in resource costs that shift an economy's aggregate supply curve.
| | | | | Laffer Curve | A curve that relates government tax rates and tax revenues and on which a particular tax rate (between zero and 100 percent) maximizes tax revenues.
| | | | | Phillips Curve | A curve that shows the relationship between the unemployment rate (on the horizontal axis) and the annual rate of increase in the price level (on the vertical axis).
| | | | | Stagflation | Inflation accompanied by stagnation in the rate of growth of output and an increase in unemployment in the economy; simultaneous increases in the price level and the unemployment rate.
| | | | | Supply-side economics | A view of macroeconomics that emphasizes the role of costs and aggregate supply in explaining inflation, unemployment, and economic growth.
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2002 McGraw-Hill Higher Education