What's it: Maslow's hierarchy of needs is a theory to show how our needs vary and have levels, from the most basic to the least important. Maslow divides our needs into a pyramid with five hierarchies, starting from the lowest (most basic) to
Needs
Herzberg’s Theory of Motivation: Examples and Explanations
What's it: Herzberg's theory of motivation outlines two important factors for satisfying and motivating us. First, we have basic needs, and when they are met, we are satisfied. And, if not fulfilled, we are disappointed. However, meeting these
McClelland’s Theory of Needs: Types and How to Satisfy
What's it: McClelland's theory of needs explains how the needs for achievement, affiliation, and power influence individual actions. These three needs underscore why a person is motivated. Some predominate on the need for affiliates to explain
Taylor’s Theory of Motivation: How it Works, Principles and Criticism
What's it: Taylor's motivation theory underscores money as the only way to motivate employees. The company is profit-oriented and seeks to produce more output at the least possible cost. Thus, they will pay more only if they get a higher output.
Economic Problems: 3 Basic Questions For An Economic System To Answer
What's it: Economic problems arise because we face scarcity. Our resources are limited to satisfy our unlimited wants and needs. Economics has its roots in it and studies how we allocate limited resources to meet our needs and
Scarcity in Economics: Its Relation to Resources, Needs, and Wants
What's it: Scarcity is a finite state, so it cannot fulfill something. In the introduction to economics, scarcity represents a condition in which limited resources cannot satisfy our needs and wants, which are unlimited. Economic