Graphing Practice- AD/AS and the Phillips Curve

Mr. Clifford introduces key macroeconomic concepts such as recession, full employment, and inflation. He explains how to identify these concepts on various economic graphs, including aggregate demand and supply, the Phillips Curve, the business cycle, and the production possibilities curve. The video covers how to recognize recessionary and inflationary gaps and their implications for unemployment and inflation. Students learn to interpret these graphs and understand the relationships between economic indicators.

How does the production possibilities curve illustrate unemployment or inefficiency?

Describe the relationship between inflation and unemployment as discussed in the video.