Psychology of Economic Decision-Making
Maslow's Hierarchy of Needs is a psychological theory proposed by Abraham Maslow that categorizes human needs into a five-tier model, often represented as a pyramid. The hierarchy starts with basic physiological needs at the bottom and progresses through safety, love and belonging, esteem, and finally self-actualization at the top. This model highlights how individuals are motivated to fulfill their most basic needs before moving on to higher-level psychological and self-fulfillment needs, which can significantly influence consumer behavior and decision-making processes.
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