The Difference Between an Undiversified and a Diversified Economy Is

question 13

Multiple Choice

The difference between an undiversified and a diversified economy is that in the undiversified one, there is

• A) industrialization.
• B) the presence of only one major industry.
• C) resistance to industrialization.
• D) no industrial progress.
• E) the absence of any resources.

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Definitions:

Centralization

The process of concentrating control and decision-making authority in a central organization, location, or group of individuals.

Formalization

Pertains to the extent to which rules, procedures, instructions, and communications are written down and standardized within an organization.

Specialization

Specialization is the process of focusing on and becoming an expert in a particular subject or skill.

Standardization

The process of implementing and developing technical standards to ensure consistency, reliability, and safety in products, services, or systems.