Which describes a country with a single-resource economy?
It has a large budget for social programs that help its citizens.
It relies on one natural resource that it sells to other countries.
It sells several products to countries that are in need.
It buys a variety of products from one specific country.

Question

28-05-2024
Social Studies

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Which describes a country with a single-resource economy?
It has a large budget for social programs that help its citizens.
It relies on one natural resource that it sells to other countries.
It sells several products to countries that are in need.
It buys a variety of products from one specific country.

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Final answer:

A single-resource economy depends heavily on one natural resource for economic activity, as seen in oil-producing states like Saudi Arabia. However, the presence of natural resources does not always guarantee economic prosperity.

Explanation:

A single-resource economy is a country that relies heavily on one natural resource that it sells to other countries. This reliance can impact the country's economy significantly, as seen with oil-producing states like Saudi Arabia. Even though natural resources are beneficial, they are not a guarantee of economic success, as demonstrated by countries like Niger.

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