Definition of Page Rank
Page Rank (often denoted PR) is a quantity defined by Google that provides a rough estimate of the overall importance of a web page. Many factors influence Page Rank, thus it is a poor indicator of how well a page ranks for particular keywords.
Contrary to popular belief, the word "page" in Page Rank has nothing to do with web pages. It's from the name of one of PR's inventors, Larry Page.
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