Social Needs or Wants and Allocation of Resources Flashcards
Goods that are critical for surviving
Needs
Goods that one can live without
Wants
Was a psychologist who came up with a five – level hierarchy of needs
Abraham Harold Maslow
Understanding what drives a person to work for a goal
A Theory of Human Motivation – 1943
Nature of human fulfillment and personal relationships
Motivation and Personality – 1954
What are the Stages of Needs
Physiological
Safety
Belongingness or Love
Esteem
Self-actualization
Air, water, food, and sleep
Physiological Needs
Finances, health, insurance, and well being
Safety
Friendships and family
Belongingness or Love
Need to feel recognized and respected
Esteem
Human beings desire self- improvement and accomplishment
Self-actualization
Deficit Needs or D-needs
Means something that one feels content with the four needs
(Physiological Needs, Safety Needs, Love and belonging, and Esteem)
Age may influence a person’s need and wants
Demographic Factors
Family and friends can influence a person’s needs and wants. So can their culture
Social and Cultural Factors
Religious leaders may follow simplicity more than others
Religious Factors
Factors like income may influence a person’s need and wants
Economic Factors
Status or prestige may influence a person’s needs and wants.
Psychological Factors
A location and climate likewise impact human beings’ needs and wants
Geographic Factors
Political stability may influence a person’s needs and wants
Political Factors
Deciding between alternatives
Trade off
The benefit you are giving up when making a choice
Opportunity Cost
Study of the costs and benefits of additional input
Marginal Analysis
a system that relies on customs, history, and time-honored beliefs
Traditional Economy
Is an economic system where two forces, known as supply and demand, direct the production of goods and services
Market Economy
Is when the government controls the economy, some countries that are following this economy are North Korea, and the Soviet. Countries that follow this economy are under dictatorships.
Command Economy
Is a mix of mostly these other economies, most countries nowadays uses this kind of economy. The government also controls the economy, and supply and demand still work.
Mixed Economy
