Adam Smith

question 197

Multiple Choice

Adam Smith

• A)was a Scottish professor of philosophy.
• B)wrote The Wealth of Nations.
• C)said that the entrepreneur is motivated by self-interest.
• D)coined the term "the invisible hand," which means that the profit motive guides economic resources which effectively promotes the public interest.
• E)All of the statements about Adam Smith are truE.

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Definitions:

Higher-Order Needs

Needs that go beyond basic physical requirements, such as social, esteem, and self-actualization needs, as conceptualized in Maslow's hierarchy of needs.

Intrinsic Motivation

The drive to engage in activities for their intrinsic satisfaction rather than for some separable consequence.

Maslow's Hierarchy of Needs

A psychological theory that categorizes human needs into five levels, from basic physiological needs to self-actualization.

Motivated

Motivated describes the psychological force that drives an individual to take action towards a desired goal, influenced by factors such as personal interest, reward, or obligation.