Economics · Economy
What does the term 'economic diversification' imply?
- 1Concentrating on one sector for development.
- 2Diversifying into various sectors of the economy to reduce dependence and risk.✓
- 3Increasing reliance on a single export commodity.
- 4Reducing the overall size of an economy.
Correct answer
Diversifying into various sectors of the economy to reduce dependence and risk.
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