Entrepreneurship 2.1

products you can see and touch

• goods
• services
• needs
• wants

The most basic level in Maslow’s Hierarchy is that people's ____________ needs must be met first.

• self esteem
• security
• physiological
• social

the people who pick the peppers to be used in Tabasco Hot Sauce

• natural resources

• human resources

• capital resources

• economic resources

the assets used in the production of goods and services (such as $ and equipment)

• natural resources
• human resources
• capital resources
• economic resources

Economic resources are limited.

• True

• False

All of the following are considered service providers EXCEPT:

• a house painter

• a dentist

• a coal miner

• a lawyer

Needs include all of the following except

• food

• smartphones

• basic clothing

• a place to live

Things that you think you must have in order to be satisfied are called

• needs

• preferences

• goals

• wants

The psychologist who developed a theory on the hierarchy of needs was

• Abraham Maslow

• Sigmund Freud

• Karl Jung

• Terrence McKenna

According to the theory of hierarchy of needs

• everyone’s needs will eventually be satisfied

• people must satisfy lower-level needs before they can focus on higher-level needs

• everyone has the same needs

• needs and wants are usually the same