On the Basis of Research Evidence, the Two Basic Needs

question 12

Multiple Choice

On the basis of research evidence, the two basic needs categories are:

• A) tangible and intangible needs
• B) physiological and psychological needs
• C) higher-order and lower-order needs
• D) extrinsic and intrinsic needs
• E) realized and unrealized needs

Examine the impact of elasticity on consumer and producer surplus.

Identify and evaluate the implications of taxes on consumer behavior and market efficiency.

Understand the concepts of elasticity of demand and supply

Recognize factors determining whether demand or supply for a product is elastic or inelastic

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Definitions:

Honey-Colored

A description typically used for the appearance of some wounds, skin infections, or crusts that are yellow to gold in color.

Hygiene

Practices and habits that aim to maintain health and prevent the spread of diseases, often through cleanliness.

Lubricate

To apply a substance to lessen friction between surfaces.

Air Conduction

The process by which sound waves travel through the air and into the ear canal, allowing for the perception of sound.