USA HISTORY

Detailed explanation-1: -Stagflation is a term coined in the 1970s to refer to a combination of high inflation and high unemployment.

Detailed explanation-2: -In economics, stagflation or recession-inflation is a situation in which the inflation rate is high or increasing, the economic growth rate slows, and unemployment remains steadily high. It presents a dilemma for economic policy, since actions intended to lower inflation may exacerbate unemployment.

Detailed explanation-3: -Stagflation is a condition in which slow economic growth (stagnation), rising prices (inflation), and rising unemployment all happen at the same time. Although it is rare for slow economic growth and high inflation to coexist, it has happened in the past, and many believe it could happen again.

Detailed explanation-4: -Stagflation is an economic situation where the economy experiences the combination of inflation and stagnation. In this kind of situation the economy experiences unemployment with rise in the general price level.

Detailed explanation-5: -The Phillips Curve is the graphical representation of the short-term relationship between unemployment and inflation within an economy. According to the Phillips Curve, there exists a negative, or inverse, relationship between the unemployment rate and the inflation rate in an economy.