The term ʺstagflationʺ is used to define an economic situation where there are adverse supply shocks which cause a fall in output but with increasing prices.

Name: The term ʺstagflationʺ is used to define an economic situation where there are adverse supply shocks which cause a fall in output but with increasing prices.
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Stagflation refers to a situation where the economy experiences stagnant growth, high unemployment, and high inflation, often due to adverse supply shocks.

The Term ʺStagflationʺ Is Used to Define an Economic Situation