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Classical economists believed
I. there could be temporary periods of unemployment.
II. emphasis should be placed on the long run, and in the long run all would be set right
Because of the smooth functioning of the price system.
III. the Great Depression would be a short-run aberration.
Esteem Needs
A concept from Maslow's hierarchy of needs that refers to the human desire for respect, self-esteem, and recognition from others.
Deficit Principle
The concept that suggests individuals are more motivated by their unmet needs than by desires that have already been satisfied.
Maslow's Theory
A psychological theory proposing a hierarchy of human needs that motivate behavior, starting from basic physiological needs to self-actualization.
Self-Actualization Needs
The apex of Maslow's needs pyramid, which encompasses achieving one's ultimate potential, pursuing self-realization, aiming for personal development, and experiencing life's high points.
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