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Provide Two Examples of What Economists Refer to as Institutions

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Provide two examples of what economists refer to as institutions.


Definitions:

Assembly Time

The total amount of time required to assemble a product from its parts, often a critical factor in manufacturing efficiency.

Normally Distributed

A probability distribution where the data tends to cluster around a central mean value, creating a curve that is symmetric around the mean.

Normally Distributed

A type of distribution in which the data's histogram has a bell-shaped curve, indicating that most values cluster around a central region, with fewer at the edges.

Standard Deviation

A statistical measure of the dispersion or spread of data points in a data set.

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