The state of Texas used to experience large-scale booms and busts related to price fluctuations within the petrochemical industry. Recently, however, the business climate has attracted many different types of companies to the state, and, as a result, the state has experienced that has allowed other industries to take a more prominent role in Texas's economy.

Question

Social Studies

Adolfo Williams

9 June, 10:04

The state of Texas used to experience large-scale booms and busts related to price fluctuations within the petrochemical industry. Recently, however, the business climate has attracted many different types of companies to the state, and, as a result, the state has experienced that has allowed other industries to take a more prominent role in Texas's economy.

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Lorelei Lamb · Answer 1

Economic Diversification

Explanation:

The process of switching from single income source to multiple income source in other to economy of the country is termed economic diversification.

As the business climate of the state of Texas attracted many type of companies coming to invest in the state, the state of Texas has experience economic diversification.