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Questions and Answers
According to Maslow’s Hierarchy of Needs, which statement is true?
According to Maslow’s Hierarchy of Needs, which statement is true?
- Relationships with others are not important
- Graduation is the most important need
- Life can be dedicated to things beyond the basic needs (correct)
- Economic prosperity is the only need that matters
What is the primary focus of the company's strategic triangle?
What is the primary focus of the company's strategic triangle?
- Relationship with customers, competitors, and suppliers (correct)
- Internal organizational structure
- Expanding into new markets
- Maximizing profits
Which aspect is important for companies to understand in order to motivate workers?
Which aspect is important for companies to understand in order to motivate workers?
- World's 10 largest companies
- Global economic trends
- Maslow's Hierarchy of Needs (correct)
- Business cycle fluctuations
What is the significance of the world's 10 largest companies listed in the text?
What is the significance of the world's 10 largest companies listed in the text?
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How does the economy relate to life conditions, according to the text?
How does the economy relate to life conditions, according to the text?
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Study Notes
- Economic activity is driven by the goal of maximizing satisfaction of consumer needs with scarce resources
- Two economic principles often used: Maximum-Principle (act to achieve the maximum outcome) and Minimum-Principle (act to achieve the target with minimum input)
- Maslow's Hierarchy of Needs explains how economic activity impacts all aspects of life, from basic needs to self-actualization
- Businesses aim for long-term relationships (e.g. contracts) to ensure satisfaction and motivation of suppliers and workers
- The business cycle involves fluctuations in economic activity, including expansion and contraction phases
- Companies operate within a strategic triangle, interacting with customers, competitors, and suppliers on a global scale
- Ten largest companies in the world by revenue include Walmart, Saudi Aramco, State Grid Corp, Amazon, Vitol, China National Petroleum Corporation, China Petrochemical Corporation, ExxonMobil, Apple, and Shell.
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