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In: Finance

Describe the concept of needs, where they are influenced and formed, list the needs determined by...

Describe the concept of needs, where they are influenced and formed, list the needs determined by hierarchy by Maslow.

Solutions

Expert Solution

Need is a desire or requirement that compels action to get satisfaction. The need of the people never ends. When the basic needs are satisfied, people will move to higher level needs.

Need hierarchy theory was proposed by Abraham Maslow.This theory proposes that there is a hierarchy of five levels of needs within each individual. The following are the five needs in the hierarchy. The needs starting from the basic level are:

  1. Physiological needs : These are the basic needs of an individual. These are needs for food, water, clothing and shelter. Physiological needs are the needs for basic amenities of life.
  2. Safety needs : Once the physiological needs are fulfilled, people look for safety needs. These include physical safety, environmental protection, job security, financial security etc.
  3. Social needs : Next are social needs. These include the need for love, affection, care, friendship etc
  4. Esteem needs : After fulfilling social needs, people seek for esteem needs. People want recognition, power, status, attention and admiration in the society.
  5. Self-actualization need : This need is the top level need in the hierarchy of needs of an individual. When all the lower level needs are fulfilled, people show the urge to become what they are capable of becoming. Example self fulfillment, seeking for peak experiences etc

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