The Use of Goods and Services for Personal Satisfaction Is

question 118

Multiple Choice

The use of goods and services for personal satisfaction is known as

• A)the law of increasing relative cost.
• B)specialization.
• C)comparative advantage.
• D)consumption.

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Definitions:

Physiological Needs

Basic human necessities required for survival, such as food, water, shelter, and sleep; the foundational level in Maslow's hierarchy of needs.

Affiliation Needs

The inherent human desire to belong to a group or form close and interpersonal relationships.

Esteem Needs

Refers to the human desire for respect, self-esteem, and recognition from others, considered a higher-level need in Maslow's hierarchy of needs.

Security Needs

The requirements essential for an individual's or organization's safety, protection, and freedom from threats or harm.