_____ Occurs When Children Adjust Their Schemes to Take New

question 30

Multiple Choice

_____ occurs when children adjust their schemes to take new information and experiences into account.

• A) Association
• B) Accommodation
• C) Assimilation
• D) Application

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Definitions:

Comparative Advantage

The ability of an individual or group to carry out a particular economic activity more efficiently than another activity.

Opportunity Cost

The value of the next best alternative foregone as a result of making a decision.

Specialize

The process of focusing effort and resources on a narrow area of activity or field of study to gain efficiency or expertise.

Production Possibilities

A graphical representation showing the maximum quantity of goods and services that can be produced using limited resources to the fullest extent.