Macro 3.4- The Phillips Curve (Short and Long Run)AP Economics

Mr. Clifford from ACDC Econ explains key macroeconomic graphs, focusing on aggregate demand and supply, and the Phillips curve. He discusses the axes of these graphs, the relationship between inflation and unemployment, and the concepts of inflationary and recessionary gaps. The video also covers the short and long run Phillips curves, and how shifts in aggregate supply affect these curves. The natural rate of unemployment and full employment are also explained.

Describe the concept of the long run Phillips curve and its significance.

How does the short run Phillips curve relate to the long run aggregate supply curve?