_______ Needs Are Socially Acquired Needs and Include the Need

question 32

Multiple Choice

_______ needs are socially acquired needs and include the need for status, love, affiliation, self-esteem, and prestige.

• A) Subjective
• B) Primary
• C) Functional
• D) Institutional

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Definitions:

Average Product

The output per unit of input, calculated by dividing total product by the total quantity of input used to produce that output.

Nonlabor Resources

Inputs or resources used in production that do not include human labor, such as raw materials, machinery, and land.

Marginal Product

The additional output generated by adding one more unit of a specific input, such as labor or capital, while holding other inputs constant.

Total Product

Total product refers to the total quantity of output produced by a firm within a given period as a result of inputs like labor and capital.