Examlex
Maslow's hierarchy of needs theory proposes that people are motivated by multiple needs and that these needs exist in a hierarchical order.
Trade Benefits
Advantages countries gain from engaging in international trade, such as increased economic growth, diversification, and access to new markets.
Comparative Advantage
An economic theory stating that countries or entities benefit from specializing in producing goods where they have lower opportunity costs, leading to more efficient global production.
Absolute Advantage
The ability of an entity to produce a good or service more efficiently than its competitors when given the same resources.
Specialization
The process by which individuals, businesses, or countries focus on producing a narrow range of goods or services, improving efficiency and expertise in that area.
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