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Judy DeLoache used a scale model to hide a toy under a toy couch identical to a life-size couch in the room. A 4-year-old could find the real toy under the life-size couch after realizing the scale model was a copy of the room. According to DeLoache, why were 30-month-olds unable to find the toy in the same way?
Classical Economists
A group of economists in the late 18th and early 19th centuries who believed in free markets, the invisible hand guiding economies, and the theories of supply and demand.
Adam Smith
A Scottish economist and philosopher, often considered the father of modern economics, known for his works on the principles of free markets and the "invisible hand."
Quantity Theory
An economic theory that relates the quantity of money in an economy to the level of prices of goods and services.
Monetary Policy
The process by which a central bank controls the money supply, aiming at specific economic targets such as controlling inflation, stimulating economic growth, and reducing unemployment.
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