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Economic evaluation of the whole country inflation and unemployment are the two main elements that matter. By using the database from the Office of national statistics. However, the relationship between inflation and unemployment is a topic that economists have long controversy. An article that is known and accepted in the year 1958 is a theoretical economist A.W. Phillips, Phillip's curve shows the relationship between the rate of increase of wages and unemployment rate. In the United Kingdom between 1861 and 1957Inflation refers to the increase in the overall price level of the economy within the. In simple words, it means that you will have to pay more money to get the same amount of goods or services that you have come. On the contrary, long-term unemployment is easy to understand. Typically refers to those people who are available for work but not looking for work, and the jobless rate, which is the percent of the workforce unemployed, often used in measuring unemployment.
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