Mark Works Hard to Ensure That His Family Has Basic

question 41

Multiple Choice

Mark works hard to ensure that his family has basic needs such as water, food, and sleep.This fulfills the of the family.

• A)self-actualization needs
• B)esteem needs
• C)safety needs
• D)physiological needs
• E)social needs

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Definitions:

Ability to Pay

A principle suggesting that the amount of tax an individual or entity should pay is based on the level of their economic resources or income.

Circular Flow Model

An economic model that depicts how money moves through the economy in a circular manner between producers and consumers, including various sectors like households, firms, government, and the foreign sector.

Costs of Production

The total expenses incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead.

Resource-Owners' Money Income

The income generated by individuals or entities from renting or providing their owned resources, such as land, labor, or capital, to others for use.