What Does Document Coding Involve and How Does Normalization Play

question 3

Essay

What does document coding involve and how does normalization play a part?

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Definitions:

Price

The amount of money required to purchase a good or service, determined by factors such as supply and demand.

Normal Good

A type of good for which demand increases when income increases, demonstrating a direct relationship between income and demand.

Consumer Incomes

The total earnings received by consumers, including wages, dividends, and other sources of income.

Demand Curve

A graphical representation showing the quantity of a product that consumers are willing and able to purchase at various prices.