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least squares method (C1)<br />A method of obtaining the best-fitting line to a set of observations by minimizing the squares of the deviations of the values plotted from a line going through the values. The line can be described by the equation Y = a + bX, where a and b are constants, Y is the dependent variable and X is the independent variable and is the regression curve of Yon X.<br /><em>See also:</em> scatter diagram legal tender (E5)<br />The money decreed by a central bank or a currency commission that must be accepted for the discharge of any debt in that country. This makes token money acceptable. Bank of England notes are legal tender in England and Wales but not in Scotland and Northern Ireland, but ?1 and ?2 coins are acceptable for unlimited amounts. In the USA the Coinage Act 1965 made all US notes and coins legal tender.
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