Economics · Economy
What does the term 'economic diversification' mean?
- 1Concentrating resources primarily on one sector for development
- 2Expanding economic activities into various sectors to reduce dependence and risk✓
- 3Increasing reliance on a single export commodity to earn foreign exchange
- 4Reducing the overall size and public expenditure of an economy
Correct answer
Expanding economic activities into various sectors to reduce dependence and risk
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