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June 6, 2023 

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WEALTH PYRAMID: A handy technique that many get-rich-quick schemes use to transfer a little wealth from a lot of people into the overflowing pockets of a few. In works in this manner--A person or business establishes a multi-level pyramid of investors, employees, or "distributors." Each level is responsible for recruiting the next level beneath it. The trick is that each distributor at one level recruits several distributors into the next lower level in an ever-expanding fashion. Each recruit transfers a little, teeny, tiny bit of their own wealth to the next higher level. In that each higher level has fewer members, that little, teeny, tiny bit of wealth accumulates rapidly, making those at the top incredibly well-off.

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NEEDS:

The physiological or biological requirements for maintaining life, such as air, water, food, shelter, and sleep. Physiological needs are often contrasted with psychological wants that make life more enjoyable, but are not essential for existence.
Satisfaction is achieved by fulfilling needs. The pursuit of satisfaction, the fulfillment of needs (as well as wants), motivates human behavior, including all types of economic behavior--buying, selling, producing, and consuming.

Consider a few examples.

  • Duncan Thurly, a normal human being, is hungry. This hunger need motivates him to purchase a Deluxe Club Sandwich from Manny Mustard's House of Sandwich. This results in the production of a Deluxe Club Sandwich by Manny Mustard, which also entails the purchase of meat, bread, condiments, and other assorted inputs. Once he consumes this sandwich, Duncan is still hungry, so he purchases a Hot Mamma Fudge Bananarama Ice Cream Sundae. This results in the production of the hot fudge sundae and also entails the purchase of ice cream, hot fudge topping, bananas, and other inputs. A great deal of economic activity is triggered by Duncan Thurly's hunger.

  • Duncan Thurly is also sleepy. The neighbor's dog has been barking incessantly for fourteen straight nights. The need for sleep motivates Duncan to purchase a new bed. He also buys a new radio that plays only soothing music. He then purchases a set of ear plugs. Because none of this works, he pays a company to remodel his bedroom, adding eight inches of sound-proofing insulation. He subsequently hires a real estate agent to sell his house. A great deal of economic activity is triggered by Duncan Thurly's need for sleep.

  • Duncan Thurly is further in need of shelter. Having sold his house, Duncan has no protection from the weather. The temperature has dropped to five below zero. Duncan is concerned about frostbite, hypothermia, and freezing to death. He breaks into the MegaMart Discount Super Center, finds the bed display and curls up for the night, warm and protected. This sets off burglar alarms and sends the police to investigate. Duncan is subsequently prosecuted and spends the next five years in prison. A great deal of economic activity is triggered by Duncan Thurly's need for shelter.

<= NEAR-PUBLIC GOODSNEEDS STANDARD =>


Recommended Citation:

NEEDS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: June 6, 2023].


Check Out These Related Terms...

     | wants | unlimited wants and needs | consumer sovereignty |


Or For A Little Background...

     | scarcity | satisfaction | incentive | free lunch | resource allocation | value |


And For Further Study...

     | three questions of allocation | second rule of subjectivity | consumer sovereignty | good | service | needs standard | production possibilities | utility analysis | consumer demand theory | elasticity |


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