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Group one
What is absolute advantage ? In economic study , we definite “ absolute advantage ” as “ one country can produce some commodities more efficient than the rest of the world ” . For example , in 18th century , the English were the world’s most efficient manufacturers of textiles , while the French has the world’s most efficient wine industry . According to Adam Smith , countries should specialize in the production of goods for which they have an absolute advantatge , and then trade part of them for the goods produced by other countries . Therefor , by specializing in the production of goods in which each has an absolute advantage , both countries benefit by engaging in trade .
And then , what does comparative advantage mean ? It means that , in a world of two commodities and two countries , one country has absolute advantages , but not in the same degree , in the production of both commodities , while another country is in a opposite position . Then , we say , the second country has a comparative advantage in producing the goods in which it has less disadvantage . And now , a problem emerge , could these two countries enter into a trading relationship ? “ No ”, said Adam Smith , but David Ricardo disagreeded . He reckoned , if the country who has absolute advantages specialize in producing one commodity in which it has more efficiency and the other country produce another one , then both can still benefit a lot by trading with each other .
Group four
Maslow’s Hierarchy of Needs is one of the world’s most famous theories of human motivation . He premised that people’s desires can be arranged into a hierarchy of needs of relative potency . When the low needs are satisfied , other and high needs emerge immediately to dominate the individual , and the need will never slow down it’s steps until it reaches the highest level .
Maslow’s Hierarchy of Needs has five stages . Physiological needs are at the bottom of the hierarchy , then Safety , So
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