Please Define the Following Key Terms

question 73

Short Answer

Please define the following key terms. Show Who? What? Where? When? Why Important?
-guilds

Identify sociocultural impediments to economic growth and how they affect developing nations.

Understand characteristics common in developing nations, including low levels of saving and investment.

Explain the role of government efforts in supporting economic development and private efforts in developing countries.

Illustrate the challenges posed by widespread political corruption in the economic development of developing nations.

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Definitions:

Sample Proportion

The ratio of participants or units in a sample exhibiting a particular characteristic to the total sample size, often used in statistical analysis.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of data points, calculated as the square root of the variance.

Variance

A measure of the spread or dispersion of a set of data points, indicating how much the data varies from the average of that set.

Outliers

Observations in a dataset that significantly differ from the other data points, often indicating variability or errors.