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Due to past economic consequences, Latin America attempted to gain Independence, switching from a single product economy to multi-product economy. 

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Due to past economic consequences, Latin America attempted to gain Independence, switching from a single product economy to multi-product economy. 

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Avoid being dependent on other nations if possible.

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Positive: no competition/monopoly
Negative: relying on one product has risks that can outweigh monopoly status, including market fluctuations and foreign exploitation.

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lack of independent economy will result in dependence of foreign countries.

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Subjugation and dependence on foreign governments

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Subjugation and dependence on foreign governments

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To diversify or not will have an impact on the overall economy.

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Success in economic independence is to diversify supply, and provide many ways to grow your country

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Success in economic independence is to diversify supply, and provide many ways to grow your country

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lack of economic independence, reliance on another country's economy

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lack of economic independence, reliance on another country's economy

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fall in demand of product- suffering economy

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Products become obsolete or resources run out.

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mono-crop can stress the soil and lead to crop failure

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mono-crop can stress the soil and lead to crop failure

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sin

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depending on the product, it may be seasonal or can be destroyed leaving the economy with zero product to export

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depending on the product, it may be seasonal or can be destroyed leaving the economy with zero product to export

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Bankruptcy

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What if it doesn't do what it says it does?

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What if it doesn't do what it says it does?

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Lack of trade

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A few negative consequences of a nation's choice to pursue a single-product economy are as follows: a limited source of income, limited trade ability, lack of job ability. 

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A few negative consequences of a nation's choice to pursue a single-product economy are as follows: a limited source of income, limited trade ability, lack of job ability. 

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There could be a disaster in this product

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If something goes wrong (natural disaster, human error, etc), that’s their only source of income

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If the single product fails then the whole economy fails.

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If the single product fails then the whole economy fails.

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no demand for product or consumer not interested.

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no demand for product or consumer not interested.

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disease
world economic changes
lack of crop rotation

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Unexpected fall in demand for product

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Prices change over time so maybe next year the thing we chose won't be super awesome again and we should have spread out.

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Lack of diversity in products can lead to stagnation of economy. Single cash crops are vulnerable to disease or natural disasters.

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A single product economy could go bankrupt if the product is no longer needed or wanted.

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A single product economy would not have as many trading opportunities. If the economy has an issue producing the product they will have economic issues. 

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A single product economy would not have as many trading opportunities. If the economy has an issue producing the product they will have economic issues. 

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If there is no demand for this product that’s a problem

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all your eggs are in one basket

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Natural disasters can destroy the economy.

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They will only have one chance, if it doesnt work then the economy is screwed

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They will only have one chance, if it doesnt work then the economy is screwed

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IDK

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The possibility that the product does not have a demand

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The possibility that the product does not have a demand