Examlex
The belief that the freedom to determine prices and competition without the interference of the government or the guilds would result in the best economic outcome is called laissez-faire economics.
Correlation Coefficient
A statistical index measuring the strength and direction of a linear relationship between two variables.
Average Error
A statistical measure that averages the absolute differences between the observed values and the values predicted by a model.
Independent Variable
The variable that is manipulated in an experiment to observe its effect on the dependent variable.
Dependent Variable
A variable in an experiment or model that is expected to change in response to changes in independent variables.
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