A Quick Summary
Basically, the Phillips Curve displays the trade-off relationship between inflation and unemployment. When unemployment rates and corresponding inflation rates were graphed, the following graph appears.
In the long run though, it is important to remember that the employment rate will become the natural rate of employment, and hence the Phillips Curve will be a vertical line
Want to Know More?
Check out these great links for additional information! The short video is especially great, considering its only 60 seconds and animated in a fun way :)
The Phillips Curve - 60 Second Adventures in Economics (3/6)