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Suppose a competitive industry produces output, Q, using some input, i, where the price of the output is PQ and the input price is Pi. Efficient use of resources requires that:
Needs for Competence
The intrinsic motivation that drives individuals to seek out challenges and opportunities to enhance their skills and abilities.
Autonomy
The capacity to make an informed, uncoerced decision; in psychology, it often relates to the sense of control or agency over one's actions and life.
Relatedness
The feeling of being connected or related to others, which is essential for fostering social bonds and personal relationships.
Existence Needs
Basic physical and material well-being necessities like food, shelter, and safety that individuals require.
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