The Situation in Which One Party to a Transaction Takes

question 167

True/False

The situation in which one party to a transaction takes advantage of knowing more than the other party to the transaction is known as asymmetric information.

---

Definitions:

Manifest Needs Theory

Developed by David McClelland to show that all people have needs that motivate them in life and on the job. These three needs include power needs, affiliation needs, and achievement needs.

Hierarchy of Needs

A motivational theory in psychology proposed by Abraham Maslow, which outlines a five-tier model of human needs, from basic physiological needs to self-actualization.

Effective Climate

An environment or atmosphere that positively influences productivity and satisfaction among individuals within a group or organization.

Full Potential

The highest level of performance or achievement that a person or entity can attain.