Briefly Explain the Relationship Between Need Satisfaction and Motivation

question 36

Essay

Briefly explain the relationship between need satisfaction and motivation.

Understand the principles of economic efficiency and the factors that contribute to it.

Comprehend the challenges and limitations of central planning in economic systems.

Recognize the role and motivations of entrepreneurs in a market system.

Identify the characteristics and implications of market systems versus command economies.

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Definitions:

Payee

A person to whom an instrument is made payable.

Maker's Obligation

The responsibility of the creator of a negotiable instrument to pay the specified amount to the holder of the instrument upon its presentation.

Draft

Any instrument (such as a check) drawn on a drawee (such as a bank) that orders the drawee to pay a certain sum of money, usually to a third party (the payee), on demand or at a definite future time.

Drawee

The party that is ordered to pay a draft or check. With a check, a financial institution is always the drawee.