Mono-product economies are those that

Assessment: WAEC SSCE - Economics - 2005 (Objective) Subject: Economics

Question 1 Report

Mono-product economies are those that
Answer Details
Mono-product economies are those that produce only one main commodity. This means that the economy of a country or region is heavily dependent on the production and export of a single product. For example, an economy that relies heavily on the production and export of oil would be considered a mono-product economy. These types of economies can be vulnerable to fluctuations in the price of the commodity they produce, as well as changes in global demand.
Read lesson note on Petroleum And The Nigerian Economy (JAMB)
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