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Some Key Terms
Changes!
Upper-middle income 4,046 - 12,535
High income > 12,535
"New World Bank Country Classifications by Income Level: 2020-2021."
World bank Blog (July 2020)
Market Economy 56
A market economy is an economic system in which the decisions regarding investment,
production and distribution are guided by the price signals created by the forces of
supply and demand.
"Comparing Economic Systems in the Twenty-First Century" (7th ed.)
Gregory and Stuart, Paul and Robert (2004).
The major characteristic of a market economy is the existence of factor markets that
play a dominant role in the allocation of capital and the factors of production
"Market Economy. 17
Wikipedia
Maslow's Hierarchy of Needs 57
Maslow's hierarchy of needs is used to study how humans intrinsically partake in
behavioral motivation. Maslow used the terms "physiological", "safety", "belonging and
love", "social needs" or "esteem", and "self-actualization" to describe the pattern through
which human motivations generally move. This means that in order for motivation to
arise at the next stage, each stage must be satisfied within the individual themselves.
Additionally, this theory is a main base in knowing how effort and motivation are
correlated when discussing human behavior. Each of these individual levels contains a
certain amount of internal sensation that must be met in order for an individual to
complete their hierarchy. The goal in Maslow's theory is to attain the fifth level or stage:
self-actualization.
"Maslow's Hierarchy of Needs"
Wikipedia
Mindset 58
In decision theory and general systems theory, a mindset is a set of assumptions,
methods, or notions held by one or more people or groups of people. A mindset can also
be seen as arising out of a person's world view or philosophy of life.
A mindset may be so firmly established that it creates a powerful incentive within these
people or groups to continue to adopt or accept prior behaviors, choices, or tools.
