Diversification helps countries to hedge against adverse terms of trade shocks by stabilizing export revenues. ... Thus through export diversification, an economy can progress towards the production and exportation of sophisticated products which may highly contributes towards economic development.
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Lower-level needs are fulfilled before higher-level needs.
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According to Maslow, human actions are motivated by human needs which are arranged in a five-tier model hierarchical structure. He claimed that individuals must satisfy lower stage needs before going forward to meet higher stage needs. According to this motivational theory, the needs from the bottom of the hierarchy to upward stage are physiological, safety, love and belonging, esteem, and self-actualization.
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