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Stagflation
Stagflation is an economic condition characterized by slow economic growth, high unemployment, and high inflation, presenting a challenging scenario for policy response.
Phillips Curve
An economic theory describing an inverse relationship between rates of unemployment and corresponding rates of inflation, indicating trade-offs between policy objectives.
Short-run
A period in economics where at least one input is fixed and cannot be changed.
Oil Embargoes
Economic measures imposing restrictions on the export of oil from one country to another, often used as a geopolitical tool or sanction.
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