What is the trade-off between inflation and unemployment in the short run?

What is the trade-off between inflation and unemployment in the short run?

In the short run, there is a trade-off between inflation and unemployment known as the Phillips Curve. According to the Phillips Curve, there exists an inverse relationship between the two variables. When unemployment is low, inflation tends to be high, and vice versa. This trade-off suggests that policymakers face a choice between reducing unemployment and accepting higher inflation or reducing inflation and accepting higher unemployment.