What is the difference between Parametric and Non-Parametric models?

What is the difference between Parametric and Non-Parametric models?

Approach: Compare models with fixed vs flexible parameters.

Parametric models have a fixed number of parameters (e.g., Linear Regression). Non-parametric models grow in complexity with the size of the data (e.g., KNN, Decision Trees).

Follow-up: Is SVM parametric or non-parametric?

Key concepts: linear regression, knn, model complexity.