What are the disadvantages of mono product economy?

What are the disadvantages of mono product economy?


  • A mono product economy is unstable, an increase or decrease in the world price of the same product will affect the budget of the country.
  • A mono product economy may witness a high percentage of unemployment.

What is a monocultural economy?

Monoculture is the cultivation of a single crop in a given area, and it allows farmers to industrialize their production systems. On the surface, it helps reduce labor costs, but monoculture can actually create more financial and environmental burdens on farms.

What is a monolithic economy?

When something is monolithic it’s big, and made of one thing. A large piece of stone jutting from the earth is a monolith, and Detroit’s economy when it depended entirely on the auto industry was monolithic.

Why is Nigeria a mono product economy?

Nigeria is a mono product economy because oil accounts for over 95 percent its export earnings. About 70 percent of government revenue is derived from oil and over 90 percent of new investments are associated with oil.

What are the advantages of import oriented economy?

The advantages of imported food are also economical. Importing food from its native country may mean prices are more affordable as the supply is higher than growing it locally. In this economy, excessive imports can weaken the local economy of any nation, resulting in high unemployment and a trade deficit.

Why Nigeria is seen as a mono culture society?

Since the oil-boom period, Nigeria’s economy tended towards a mono-cultural direction where other sectors of the economy were abandoned for just one single sector giving Nigeria’s economy another alias “mono- product” economy.

What does monocultural society mean?

relating to a culture that is the same across a vast area. a monocultural society.

What are the effects of monoculture?

The production of a single plant species over a large area also has a negative effect on the structure of the underlying soil. One species of crop means that only one type of root will be available to trap moisture and prevent soil erosion, work that typically requires multiple types of roots.

How do imports affect our economic progress?

The topic “Effects of Importation to the Economic Development of the Province of Batangas” will give benefit to the researchers since they are future customs brokers who will undertake such cargo handling and importations someday.