According to Psychologist David McClelland, the Extent to Which an Individual

question 28

Multiple Choice

According to psychologist David McClelland, the extent to which an individual has a strong desire to perform challenging tasks well and to meet personal standards for excellence is known as the individual's need for

• A)affiliation.
• B)achievement.
• C)power.
• D)affection.
• E)sociability.

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the profitability of a firm beyond normal returns.

Quantity of Resources

The total amount of inputs available for the production process, including labor, capital, land, and raw materials.

Price-Taker Market

A market situation in which individual buyers or sellers have no influence on the price of a product, often due to the product being completely standardized and numerous participants.