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What is stagflation? Use the aggregate supply and aggregate demand model to explain why stagflation occurs.
Risk-averse
A term describing individuals or entities that prefer to avoid risk, opting for more certain outcomes even if it means potentially receiving lower returns.
Disability Insurance
A type of insurance that provides income to individuals who are unable to work due to a disability.
Expected Utility
A concept in economics and game theory that represents an individual's preference for certain outcomes over others, calculated as a weighted average of the utility of all possible outcomes.
Bet
A wager or agreement between two or more parties predicting the outcome of a specified event or situation, often involving money or assets at risk.
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