What defines the term 'parameters' in the context of a function?

In the context of a function, 'parameters' refer to the variables that are defined in the function's signature, allowing the function to accept input values when it is called. These parameters act as placeholders for the actual values that will be passed to the function, enabling it to operate on those values.

When a function is defined, parameters are specified to indicate the types of data that the function can accept. For instance, in the function definition def my_function(param1, param2):, param1 and param2 are the parameters that the function can use. When the function is called with actual arguments, such as my_function(3, 5), the values 3 and 5 are passed to the parameters param1 and param2, respectively.

The other options do not accurately describe parameters. The values supplied during a function call are referred to as arguments, and return values generated by the function are the output of the function, not its parameters. Errors generated during function execution do not have any relevance to the definition of parameters. Understanding parameters is essential for working with functions in Python, as they dictate how functions can receive and utilize input data.