Each Person Goes About Her Daily Business Seeking to Maximise

question 124

True/False

Each person goes about her daily business seeking to maximise her own self-interests. In doing so, she contributes to the welfare of society at large. This is the idea underlying Adam Smith's 'invisible hand'.

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Definitions:

Esteem Needs

According to Maslow's hierarchy of needs, these are the requirements for respect, self-esteem, and respect from others, crucial for an individual's well-being.

Public Rewards

Recognition or incentives given to individuals or groups in a public setting, aimed at reinforcing certain behaviors or achievements.

Self-actualization Needs

Abraham Maslow's hierarchy's highest level, where individuals seek to realize their personal potential and achieve peak experiences.

Achievement Motive

The intrinsic drive to excel, achieve in relation to a set of standards, and strive to succeed or reach a high standard of performance.