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What Is the Phillips Curve? What Is the Difference Between

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Essay

What is the Phillips curve? What is the difference between the original Phillips curve and the "modern" view of the Phillips curve? What problems caused the abandonment of the ideas behind the original Phillips curve?


Definitions:

Flexible Manufacturing

A system that allows for quick and efficient adjustments to production processes in order to accommodate changes in product design or demand.

Agile Manufacturing

A highly flexible production approach aimed at adapting quickly to market changes and customer demands while maintaining high quality and cost-effectiveness.

Mass Customization

A strategy of producing goods and services to meet individual customer needs with near mass production efficiency.

Product Dissatisfaction

The negative feeling or reaction a customer has towards a product that fails to meet their expectations or needs.

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