is iraq's economy more diverse or less diverse than the economy of the United States? Explain your answer.

Question

Social Studies

Javon Newman

2 January, 16:46

is iraq's economy more diverse or less diverse than the economy of the United States? Explain your answer.

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Answers (1)

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Javion Melton · Answer 1

Less diverse

Explanation:

The economy of Iraq is much less diverse than the economy of the United States. The Iraqi economy is heavily dependent by handful of products, with the oil and natural gas being the two most important products that bring in the majority of the income for this Middle Eastern country. This makes the economy of Iraq very vulnerable as minor changes in the price of these two products will affect the economy severely. The economy of the United States, on the other hand, is much more diverse. The economy is not dominated by handful of products, but it is branched out in pretty much every economic sector. This makes the economy very strong and very flexible, so in case of a crises it can rely on the sectors that are doing well and keep going at a descent level.