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It is the study and systematic classification of the sounds made in spoken utterance.

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Pallet:        /ˈpæl.ɪt/     1 morpheme       Pallet (lexical)

Word:       /wɝːd/        1 morpheme      Word (lexical)

Sunshine:   /ˈsʌn.ʃaɪn/    2 morphemes   sun (lexical) + shine (lexical)

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Importance of Phonetics: I think that learning about phonetics is totally something important to do when learning English Language. Phonetics lets us learn which is the best way to pronounce a word in the correct way, that is why we need to know first about the vowels and consonants, how they are pronounce and their specific manner and place of articulation.

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In linguistics, morphology (/mɔːrˈfɒlədʒi/) is the study of words, how they are formed, and their relationship to other words in the same language. It analyzes the structure of words and parts of words, such as stems, root words, prefixes, and suffixes.

Importance: The study of how words are arranged and the meaning of units is something very important, specially for a person that is stuying the language and preparing to be an English professor. The knowledge that this branch gives a person is useful for enhancing grammar and the four language skills.