Economics Can Be Divided into Two Main Branches of Study

question 30

Multiple Choice

Economics can be divided into two main branches of study:

• A)capitalism and communism.
• B)capitalism and socialism.
• C)demand and supply.
• D)microeconomics and macroeconomics.
• E)fiscal policy and monetary policy.

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Definitions:

Formal Operational Thought

A stage in cognitive development, according to Piaget, where individuals develop the ability to think abstractly, logically, and systematically, usually beginning in adolescence.

Concrete Operational Thought

A stage in cognitive development, described by Piaget, where children aged 7-12 start to think logically about concrete events.

Sensorimotor Thought

refers to the stage in early childhood cognitive development where learning occurs through sensory experiences and manipulating objects.

Preoperational Thought

A stage in Piaget's theory of cognitive development where children from about 2 to 7 years old demonstrate symbolic thinking but not yet using cognitive operations like logic.