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Economics as Social Science: Hierarchy of Needs

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Economics as Social Science: Hierarchy of Needs

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Questions and Answers

What does economics aim to manage?

Scarcity of resources (correct)

Excessive human wants

Unlimited resources

Unlimited human wants and needs

Which of the following is NOT part of Maslow's Hierarchy of Needs?

Friendship Needs (correct)

Esteem Needs

Safety Needs

Cognitive Needs

What does the concept of transcendence in motivation refer to?

Fulfilling basic needs and wants

Being the father of economics

Connecting with a higher reality beyond personal self (correct)

Achieving self-actualization

What are included in the biological and physiological needs category of Maslow's Hierarchy of Needs?

Air, food, shelter Signup and view all the answers

What is the man-made factor of production used to create goods called?

Capital Signup and view all the answers

Which category in Maslow's Hierarchy of Needs involves seeking personal growth and peak experiences?

Self-actualization needs Signup and view all the answers

In Economics, what is the payment for labor referred to as?

Wages and Salaries Signup and view all the answers

What do aesthetics needs in Maslow's Hierarchy involve?

Appreciation for beauty and exploration Signup and view all the answers

Which economic system type involves ownership of all resources by private entities?

Market economic system Signup and view all the answers

What concept in economics refers to the cost of giving up an alternative when making a choice?

Opportunity cost Signup and view all the answers