In E RG Theory, a Person Who Cannot Satisfy Existence Needs May

question 82

Short Answer

In E. R.G. theory, a person who cannot satisfy existence needs may become locked into a(n) ______________ cycle.

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Definitions:

Tax

A required contribution or another kind of monetary levy imposed by a government body on a taxpayer to underpin government expenditure and different public spending initiatives.

Deadweight Loss

Deadweight loss refers to the loss in economic efficiency that occurs when the equilibrium for a good or service is not achieved or is unattainable.

Consumer Surplus

The gap in the total amount consumers are willing to invest in a product or service and the amount they end up paying.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, measuring their benefit.