Social Needs or Wants and Allocation of Resources

Question 1

Goods that are critical for surviving

Answer 1

Needs

Question 2

Goods that one can live without

Answer 2

Wants

Question 3

Was a psychologist who came up with a five – level hierarchy of needs

Answer 3

Abraham Harold Maslow

Question 4

Understanding what drives a person to work for a goal

Answer 4

A Theory of Human Motivation – 1943

Question 5

Nature of human fulfillment and personal relationships

Answer 5

Motivation and Personality – 1954

Question 6

What are the Stages of Needs

Answer 6

Physiological
Safety
Belongingness or Love
Esteem
Self-actualization

Question 7

Air, water, food, and sleep

Answer 7

Physiological Needs

Question 8

Finances, health, insurance, and well being

Answer 8

Safety

Question 9

Friendships and family

Answer 9

Belongingness or Love

Question 10

Need to feel recognized and respected

Answer 10

Esteem

Question 11

Human beings desire self- improvement and accomplishment

Answer 11

Self-actualization

Question 12

Deficit Needs or D-needs

Answer 12

Means something that one feels content with the four needs

(Physiological Needs, Safety Needs, Love and belonging, and Esteem)

Question 13

Age may influence a person’s need and wants

Answer 13

Demographic Factors

Question 14

Family and friends can influence a person’s needs and wants. So can their culture

Answer 14

Social and Cultural Factors

Question 15

Religious leaders may follow simplicity more than others

Answer 15

Religious Factors

Question 16

Factors like income may influence a person’s need and wants

Answer 16

Economic Factors

Question 17

Status or prestige may influence a person’s needs and wants.

Answer 17

Psychological Factors

Question 18

A location and climate likewise impact human beings’ needs and wants

Answer 18

Geographic Factors

Question 19

Political stability may influence a person’s needs and wants

Answer 19

Political Factors

Question 20

Deciding between alternatives

Answer 20

Trade off

Question 21

The benefit you are giving up when making a choice

Answer 21

Opportunity Cost

Question 22

Study of the costs and benefits of additional input

Answer 22

Marginal Analysis

Question 23

a system that relies on customs, history, and time-honored beliefs

Answer 23

Traditional Economy

Question 24

Is an economic system where two forces, known as supply and demand, direct the production of goods and services

Answer 24

Market Economy

Question 25

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.

Answer 25

Command Economy

Question 26

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.

Answer 26

Mixed Economy