"Netflix and chill" - My 17 year old brother only told me about this slang phrase today and I had no idea what it meant. He was very surprised that I didn't know this, and then I realised that I hadn't heard of this phrase before because as a slang term, this phrase is restricted predominantly to teenagers.
This is what I found online regarding this slang phrase and what you should be including in your essays at the end of the year!
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It’s a phrase that means, roughly, “hooking up.” But it’s a lot more complicated than that. “Netflix and chill” is a classic case of social media-fueled semantic drift. It began as a plain, descriptive phrase (“Can’t wait to leave work so I can watch Netflix and chill!”), and stayed that way for several years before acquiring a loose sexual connotation (“Wanna come over for Netflix and chill?

”) and, eventually becoming a known code phrase (“He said he loves me, but I know he just wants to Netflix and chill”).
As with most recent internet slang, “Netflix and chill” seems to have originated on Black Twitter before migrating to Instagram, Tumblr, Vine, and the outer reaches of Memeland. And in a way, it’s the perfect teenage shibboleth. If you were 16, and your parents caught you texting “Netflix and chill?” to your girlfriend, they might think you were proposing an innocent night of watching Chopped on the couch.
Let’s take a look at how “Netflix and chill” became every teen’s favorite euphemism for getting it on.
Source:
http://fusion.net/story/190020/netflix-and-chill/********************************
Notice the quote "If you were 16, and your parents caught you texting “Netflix and chill?” to your girlfriend, they might think you were proposing an innocent night of watching Chopped on the couch" - this perfectly proves the function of slang, and that is to create social exclusion of the out-group!
I hope this helps!