Differentiate Between a Need and a Want and Give an Example

question 138

Essay

Differentiate between a need and a want and give an example of each.

Calculate the standard deviation and mean from sample data.

Understand the differences between one-tailed and two-tailed tests.

Compute the standard error of the sample proportion or mean.

Evaluate the legitimacy of claims based on statistical tests.

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Definitions:

Marginal Productivity

The extra output that a business gains by adding one more unit of input, such as labor or capital.

Income Distribution

The way in which a country’s total GDP is spread amongst its population, affecting economic equity and quality of life.

Value Added

The increase in the value of a product or service as it passes through each stage of production or supply chain.

Marginal Productivity

The extra output or benefit gained from increasing one unit of a particular resource while keeping other resources constant.