iid = independent and identical distribution
An iid example would be the following:
random variables X1,X2,...Xn, each has its own density function f(Xi), where i=1,2...n. Their joint density function is the product of f(Xi). And f(Xi)'s are identical, say gaussian with some mean and variance.

VC = Vapnik-Chervonenkis

"The VC dimension measures the complexity of the hypothesis space H, not by the number of distinct hypotheses |H|, but instead by the number of distinct instances from X than can be completely discriminated using H." Machine Learning, Mitchell 1997.