Mono-products economics are those that

Assessment: WAEC SSCE - Economics - 1994 (Objective) Subject: Economics

Question 1 Report

Mono-products economics are those that
Answer Details
Mono-products economics are those that produce only one main commodity. These economies depend on the exportation of this commodity for their revenue, and often have a limited range of industries. Examples of mono-product economies include countries that rely heavily on the exportation of oil or minerals. As a result, these economies are vulnerable to fluctuations in the global market for their main commodity, and can experience significant economic hardship if the price of their commodity declines.
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