Examlex
Abe can catch 15 pounds of fish an hour or pick 30 pounds of fruit an hour. He works an 8-hour day, spending 5 hours picking fruit and 3 hours catching fish. Calculate Abe's opportunity cost of a pound of fruit.
Rank-Order
A method of arranging data or participants based on their score or position relative to one another.
Individualistic
Emphasizing the moral worth of the individual and favoring freedom of action for individuals over collective or state control.
Hofstede
A Dutch social psychologist who developed a model identifying five dimensions of culture that help to understand differences in societies: power distance, individualism versus collectivism, masculinity versus femininity, uncertainty avoidance, and long-term versus short-term orientation.
Power Distance
Power distance refers to the extent to which less powerful members of institutions and organizations within a country expect and accept that power is distributed unequally.
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