Briefly Describe the Difference Between a Parameter and a Statistic,and

question 2

Essay

Briefly describe the difference between a parameter and a statistic,and give an example of each.

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Definitions:

Positive Trade Balance

A situation where the value of a country's exports exceeds the value of its imports, also known as a trade surplus.

Merchandise

Goods produced for the purpose of being sold, typically referred to in the context of retail sales and trade.

Services

Intangible products such as education, healthcare, and entertainment that are consumed at the point of delivery.

Trade Deficit

A Trade Deficit occurs when a country's imports exceed its exports during a specific period, indicating a negative balance of trade.