Question : Statement 1: Financial incentives play a significant role in addressing higher-level needs in Maslow's hierarchy.
Statement 2: Financial incentives are only effective for addressing basic physiological needs.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer:
Statement 1 is correct, and statement 2 is false.
Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.
Statement 1 is correct. In Maslow's hierarchy of needs, financial incentives can address higher-level needs such as esteem needs and self-actualization needs. Financial incentives like bonuses, profit-sharing, or salary increases can contribute to fulfilling the need for recognition, status, and achieving one's potential.
Statement 2 is false. While financial incentives do address basic physiological needs to some extent (e.g., providing food, shelter, and other necessities), they are not limited to addressing only these needs. Financial incentives can also motivate individuals by fulfilling higher-level needs, such as safety, social belonging, esteem, and self-actualization needs, depending on how they are structured and administered.
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