Define the Concepts of Standardization, Reliability, and Validity, and Explain

question 24

Essay

Define the concepts of standardization, reliability, and validity, and explain why they are important requirements for any psychological test.

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Definitions:

Elastic Demand

A situation where the demand for a product is sensitive to price changes.

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved, resulting in a mismatch between supply and demand.

Deadweight Loss

The loss of economic efficiency that occurs when the optimal level of supply and demand is not achieved.

Labor Market

The demand and supply of labor, in which individuals look for jobs and employers search for employees.