Define the Following Terms

question 16

Essay

Define the following terms
-central limit theorem

Analyze the effects of income distribution on savings and investment in DVCs.

Appreciate the significance of income disparities between IACs and DVCs.

Evaluate the potential of international trade and investment policies to influence economic development.

Discuss the various views on the economic relationships between IACs and DVCs.

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Definitions:

Uncertainty-Avoidance Cultures

Societies or cultures that have a low tolerance for ambiguity and uncertainty, leading to a preference for clear rules and structures.

Predictability

The degree to which future events or behaviors can be forecasted based on past patterns or data, indicating a level of certainty or expectation.

Loose Culture

A type of organizational culture that is flexible, adaptable, and less governed by strict rules and procedures, often encouraging creativity and innovation.

Social Norms

The accepted behaviors or rules within a society or group that guide actions and expectations without the need for formal laws.