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Economic theory describes the relationship between inflation and unemployment as:___.

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Economic theory describes the relationship between inflation and unemployment as inverse relationship.

The Phillips curve states that the  inflation and unemployment have an inverse relationship. Higher inflation is associated with lower unemployment and the higher unemployment with lower inflation.

The inverse relationship between unemployment and inflation is depicted as a downward sloping as well as concave curve, with inflation on the Y-axis and unemployment on the X-axis.

The Phillips curve concept was developed by A. W. Phillips . the theory claims that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment.

To know more about Phillips curve here:

https://brainly.com/question/23000639

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