Final answer:
A standard is an approved specification by a recognized organization or a commonly accepted criterion in an industry, which ensures quality, safety, and efficiency.
Step-by-step explanation:
A standard is a specification or criterion that has been approved by a recognized standards organization or accepted as a de facto standard within a particular industry. It forms a basis for common expectations between the producer and the consumer and often pertains to quality, safety, and efficiency.
It allows countries to set their own standards, ensuring that regulations must be based on science, and standards should not unjustifiably discriminate between countries with similar conditions. In a business context, standards are crucial as they assure customers of the product's or service's consistent quality and safety.
For example, the Accreditation Board for Engineering and Technology (ABET) accredits undergraduate engineering programs that meet national standards.