Question: Societies face trade offs between economic objectives, for example the goal of lower unemployment may conflict with that of lower inflation. This is an example
Societies face trade offs between economic objectives, for example the goal of lower unemployment may conflict with that of lower inflation. This is an example of the opportunity cost- the cost of achieving one objective may be achieving less of another. This existence of trade offs means that policy makers must make choices.
In terms of the above statement, exemine the one most relevant economic model to illustrate the trade off between low inflation rates and low employment rates.
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