Question

Distinguish between profit and loss account and trading a/c.

Answer 1

Part of what a theory of motivation tries to do is explain and predict who has which wants. This turns out to be exceedingly difficult.
Many theories posit a hierarchy of needs, in which the needs at the bottom are the most urgent and need to be satisfied before attention can be paid to the others.
Maslow
Maslow's hierarchy of need categories is the most famous example:
self-actualization
esteem
belongingness
safety
physiological
Specific examples of these types are given below, in both the work and home context. (Some of the instances, like "education" are actually satisfiers of the need.)
Need Home Job
self-actualization education, religion, hobbies, personal growth training, advancement, growth, creativity
esteem approval of family, friends, community recognition, high status, responsibilities
belongingness family, friends, clubs teams, depts, coworkers, clients, supervisors, subordinates
safety freedom from war, poison, violence work safety, job security, health insurance
physiological food water sex Heat, air, base salary
According to Maslow, lower needs take priority. They must be fulfilled before the others are activated. There is some basic common sense here -- it's pointless to worry about whether a given color looks good on you when you are dying of starvation, or being threatened with your life. There are some basic things that take precedence over all else.
Or at least logically should, if people were rational. But is that a safe assumption? According to the theory, if you are hungry and have inadequate shelter, you won't go to church. Can't do the higher things until you have the lower things. But the poor tend to be more religious than the rich. Both within a given culture, and across nations. So the theory makes the wrong prediction here.
Or take education: how often do you hear "I can't go to class today, I haven't had sex in three days!"? Do all physiological needs including sex have to be satisfied before "higher" needs? (Besides, wouldn't the authors of the Kama Sutra argue that sex was a kind of self-expression more like art than a physiological need? that would put it in the self-actualization box). Again, the theory doesn't seem to predict correctly.
Cultural critique: Does Maslow's classification really reflect the order in which needs are satisfied, or is it more about classifying needs from a kind of "tastefulness" perspective, with lofty goals lik