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Muhammed is trying to remember the license plate number on his new car. It occurs to him that the letters form the initials of his first girl friend and, he can put the numbers in a sequence that relates to the year he graduated from college. Muhammed is employing the memory strategy of:
Resource Allocation
The process of distributing available resources among various competing needs or uses in order to achieve a desired outcome or optimize efficiency.
Comparative Advantage
An economic theory stating that a country should specialise in producing and exporting goods in which it has a lower opportunity cost than other countries.
Opportunity Cost
Opportunity cost refers to the value of the next best alternative foregone as the result of making a decision.
Corn
A cereal plant that yields large kernels set in rows on a cob, a staple food in many parts of the world.
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