Discuss the Importance of Transition During the Early Childhood Years

question 22

Essay

Discuss the importance of transition during the early childhood years. What do transition decisions involve for each age group?

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Definitions:

Opportunity Cost

The value of the next best alternative that is foregone when a decision is made to choose one option over another.

Leisure Time

Free time in which an individual is not working, is not engaged in compulsory activities, and can choose activities for relaxation, enjoyment, or other personal development.

Labor Market

The supply of available workers in relation to available work, and the dynamics of wages, employment, and income.

Households

Entities comprising one or more persons who live together and make joint decisions about consumption and other aspects of their lives; considered a basic unit in economics for analysis of consumption patterns.