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Classical, Keynesian, and Phillips Curve (Aggregate Supply and Aggregate Demand):

Before starting and directly arriving at the topic, we must have to understand some fundamentals.



Price Level (P):

Price level, in easy terms, is defined as the measurement of prices of produced units in the economy. Inflation is also a phenomenon derived when the price level starts increasing. Deflation is the opposite of inflation, and it occurs when prices are on a fall