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Two-way radio

a radio that can do both transmit and receive a signal (a transceiver), unlike a broadcast receiver which only receives content; allows the operator to have a conversation with other similar radios operating on the same radio frequency (channel)

Pronunciation
/tu - weɪ ˈreɪdioʊ/
/tuː - weɪ ˈreɪdɪəʊ/