Is it a good thing if the economy of a country is dependent on only one product?

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  • Countries Need to Diversify

    I think it is a bad idea for the economy of a country to be dependent on one product. You can see the result of this in the economy of Las Vegas, which depended heavily on the gambling industry, and which had the largest unemployment numbers following the economic crash several years ago. The city is still recovering. This can also be applied to countries where demand for goods and services changes over the years. The old adage, "Don't put your eggs in one basket", is still true.

  • No, dependency on one product could spell disaster.

    Countries should have a diverse range of products that their economies depend upon. Relying on just one thing could spell disaster if that product suddenly became scarce. Back when Ireland was relying on potatoes, they went through the Irish Potato Famine, losing a goodly percentage of their population. The country was not reliant on only this one crop, but a high percentage (one-third) of their population was. So even relying on only a few products can be dangerous. Diversity is important, because we never know when something will impact a nation's products.

  • More products equal more flow

    Absolutely not, is it good for a country to depend on simply one specific product. After a while, that product could be come yesterdays news, and then what is the next move? Having several products in an economy, could only mean more over time, therefore, keeping the economy flowing well.

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