SAMPLING ERROR is the fact that unless 100% of a population is examined, there is some chance the sample results will mislead the examiner. This risk is sampling error.
The larger the sample, the less chance of sampling error and the greater the
reliability of the results.
APPLIED RESEARCH is designed to solve practical problems of the modern world, rather than to acquire knowledge for knowledges sake.
SOCIAL COST is the cost to society as a whole from an event, action, or policy change. Includes negative externalities and does not count costs that are transfers to others, in contrast to private cost.
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