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Although Piaget claimed young infants could not mentally represent or think about anything that is not perceptually present, subsequent research has shown that young infants can represent invisible objects. Researchers have shown that infants as young as 3-1/2 to 4-1/2 months old look longer at impossible events than at possible events. This research procedure is known as:
Scarcity
A situation where limited resources are insufficient to satisfy all wants and needs.
Unlimited Income
A theoretical concept indicating there is no upper limit to an individual's or entity's income.
Production
The process of creating goods or services using inputs such as labor, raw materials, and machinery.
Opportunity Cost
The neglect of potential gains that could be obtained from a variety of choices when one is prioritized.
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