Final answer:
Stagflation is a challenging economic phase with rising unemployment and inflation happening concurrently.
Explanation:
Stagflation is a period in the economy characterized by both inflation and unemployment on the rise simultaneously. This phenomenon deviates from the traditional belief that inflation and unemployment have an inverse relationship, as suggested by the Phillips Curve. Stagflation is considered a challenging economic scenario as it combines high unemployment rates with a surge in prices.
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