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A child is shown two identical balls of clay.Then an adult squashes one ball into a pancake shape.She then asks the child if one of the shapes contains more clay and the child answers,"Yes,the pancake does." In Piagetian terms,the child has not yet reached:
Market Economy
An economic system where supply and demand determine the production and distribution of goods and services.
Basic Economic Questions
Fundamental questions addressing what to produce, how to produce, and for whom to produce in an economy.
Income
The financial gain or money received by an individual or entity, typically through wages, investments, or sales.
Economic Organization
The structured and systematic arrangement of economic activities and resource allocations within a society or among participants in the economy.
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