What Is Big Data

question 361

Multiple Choice

What is big data?

• A)a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools
• B)processes and manages algorithms across many machines in a computing environment
• C)focuses on forecasting future trends and producing insights using sophisticated quantitative methods, including statistics, descriptive and predictive data mining, simulation, and optimization
• D)extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information

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Definitions:

Total Product

The total quantity of output produced by a firm or economy, encompassing all goods and services.

Nonlabor Resources

Inputs in production that do not involve human labor, such as capital, land, and natural resources.

Marginal Product

The additional output produced as a result of adding one more unit of a specific input, holding other inputs constant.

Total Product

The total output or production achieved by a firm with a given amount of resources.