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The most widely known development theory is___________ , which is a perspective that links global inequality to different levels of economic development and suggests that low-income economies can move to middle- and high- income economies by achieving self-sustained economic growth.
Utility Maximizer
An economic actor who seeks to get the maximum satisfaction or utility from resources available, under the constraints faced.
Probability
The measure of the likelihood that an event will occur, often expressed as a number between 0 and 1, where 1 indicates certainty.
Premium
A premium refers to the additional amount paid for a product, service, or insurance policy over and above its basic cost.
Risk Reduction
Strategies or actions taken to decrease or mitigate the level of risk.
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