Which philosophical perspective regards universal concepts as real entities existing outside the mind?

The correct answer to the question is moderate realism. This philosophical perspective posits that universal concepts, such as properties and types, have a real existence outside of individual minds, though they are not material entities. Moderate realism suggests that these universals can exist in a way that is independent of their instances, meaning that while they can be represented in various individual things, they also possess a level of reality that is not solely based on human perception or cognition.

In the context of this philosophy, moderates do not deny the importance of the individual experiences but rather emphasize that there is an underlying universal truth that transcends those individual instances. This allows for the existence of shared properties or concepts that can be understood universally, even if those concepts are manifested differently in different circumstances or cultures.

Other philosophical perspectives offered in the choices, such as exaggerated realism and nominalism, do not align with the notion of universals existing independently of the mind. Instead, exaggerated realism might assert that universals exist in a more extreme or absolute form. Nominalism rejects the existence of universals altogether, suggesting that they are merely names or labels without a corresponding existence outside specific instances. Constructivism focuses on the idea that knowledge and meaning are constructed through social interactions and experiences, emphasizing