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When an economy is experiencing a negative output gap, there is:
Physiological Needs
Basic physical requirements essential for human survival, such as food, water, shelter, and sleep, considered the foundation of Maslow's hierarchy of needs.
Lower-order Needs
Basic human needs in Maslow’s hierarchy, such as physiological and safety needs, which must be satisfied before higher-order needs can be pursued.
Maslow's Hierarchy of Needs Theory
A psychological theory that categorizes human needs into a five-level pyramid, starting from basic physiological needs to self-actualization.
Higher-order Needs
Psychological needs that are associated with personal achievement, self-respect, and the recognition and respect of others.
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