Edexcel AS Unit 2 Tuesday 19th Thread ~ Help for all

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yaya sanogo
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Just a general thread for Unit 2 on Tuesday 19th, questions are welcome
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mismash
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what subject
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yaya sanogo
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(Original post by mismash)
what subject
Economics! sorry
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yaya sanogo
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http://www.thestudentroom.co.uk/show....php?t=3317431 NEW THREAD HERE
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Gwen President
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(Original post by yaya sanogo)
Just a general thread for Unit 2 on Tuesday 19th, questions are welcome
Hey I need help with evaluation of the phillips curve.how do you actually put it in words about the trade off between unemployment and inflation
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eleanorfd
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At 0% inflation there is 2.5% unemployment thus meaning even when there is no inflation there is still some unemployment. if there was 0% unemployment then firms would have to increase wages to complete for workers and thus increase the price of their product causing inflation
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username1413351
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(Original post by Gwen President)
Hey I need help with evaluation of the phillips curve.how do you actually put it in words about the trade off between unemployment and inflation
As unemployment decreases the rate of inflation increases. This is because firms are employing more people (paying more wages), hence their costs of production have increased. To prevent making a loss they pass on this cost to the consumers in the form of increased prices for their good/services.

Hope this helps.
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eleanorfd
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(Original post by Gwen President)
Hey I need help with evaluation of the phillips curve.how do you actually put it in words about the trade off between unemployment and inflation
At 0% inflation there is 2.5% unemployment thus meaning even when there is no inflation there is still some unemployment. if there was 0% unemployment then firms would have to increase wages to complete for workers and thus increase the price of their product causing inflation
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