Economics of History Reading by RIMS AVID Team https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd What are some of the possible negative consequences of a nation's choice to pursue a single-product economy? en-us 2023-09-15 18:58:49 UTC 2023-09-25 05:01:54 UTC hello@padlet.com No diversity. Limited Income. https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709063871 2023-09-18 15:31:23 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709063871 The possibility that the product does not have a demand https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064104 2023-09-18 15:31:32 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064104 . https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064105 IDK ]]> 2023-09-18 15:31:32 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064105 Too costly for consumers https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064300 2023-09-18 15:31:38 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064300 They will only have one chance, if it doesnt work then the economy is screwed https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064550 2023-09-18 15:31:47 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064550 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064604 Natural disasters can destroy the economy.

]]> 2023-09-18 15:31:49 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064604 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064764 all your eggs are in one basket]]> 2023-09-18 15:31:55 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064764 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064844 If there is no demand for this product that’s a problem]]> 2023-09-18 15:31:58 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064844 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. https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064904 2023-09-18 15:32:00 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709064904 hmm https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065033 A single product economy could go bankrupt if the product is no longer needed or wanted.]]> 2023-09-18 15:32:04 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065033 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065174 Lack of diversity in products can lead to stagnation of economy. Single cash crops are vulnerable to disease or natural disasters. ]]> 2023-09-18 15:32:08 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065174 Economic https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065328 Prices change over time so maybe next year the thing we chose won't be super awesome again and we should have spread out.]]> 2023-09-18 15:32:14 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065328 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065346 Unexpected fall in demand for product ]]> 2023-09-18 15:32:14 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065346 World History https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065384 disease
world economic changes
lack of crop rotation]]> 2023-09-18 15:32:15 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065384 no demand for product or consumer not interested. https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065431 2023-09-18 15:32:17 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065431 If the single product fails then the whole economy fails. https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065605 2023-09-18 15:32:23 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065605 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065796 If something goes wrong (natural disaster, human error, etc), that’s their only source of income ]]> 2023-09-18 15:32:30 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065796 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065895 There could be a disaster in this product]]> 2023-09-18 15:32:34 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065895 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. https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065906 2023-09-18 15:32:34 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709065906 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066151 Lack of trade]]> 2023-09-18 15:32:41 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066151 What if it doesn't do what it says it does? https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066172 2023-09-18 15:32:42 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066172 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066181 Bankruptcy ]]> 2023-09-18 15:32:42 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066181 No avenue for diversity, innovation https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066551 2023-09-18 15:32:56 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709066551 depending on the product, it may be seasonal or can be destroyed leaving the economy with zero product to export https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709067398 2023-09-18 15:33:22 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709067398 mono-crop can stress the soil and lead to crop failure https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709067895 sin]]> 2023-09-18 15:33:38 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709067895 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709067952 Products become obsolete or resources run out.]]> 2023-09-18 15:33:40 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709067952 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709149209 fall in demand of product- suffering economy]]> 2023-09-18 16:19:46 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709149209 diversify or go bankrupt https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709150221 2023-09-18 16:20:25 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709150221 lack of economic independence, reliance on another country's economy https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709151127 2023-09-18 16:20:57 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709151127 Success in economic independence is to diversify supply, and provide many ways to grow your country https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709151311 2023-09-18 16:21:05 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709151311 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709153695 To diversify or not will have an impact on the overall economy.]]> 2023-09-18 16:22:17 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709153695 Subjugation and dependence on foreign governments https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709154115 2023-09-18 16:22:34 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709154115 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709156299 lack of independent economy will result in dependence of foreign countries.]]> 2023-09-18 16:23:55 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709156299 https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709163387 Positive: no competition/monopoly
Negative: relying on one product has risks that can outweigh monopoly status, including market fluctuations and foreign exploitation.]]> 2023-09-18 16:28:00 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709163387 PostEcon https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709163522 Avoid being dependent on other nations if possible.]]> 2023-09-18 16:28:04 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709163522 Due to past economic consequences, Latin America attempted to gain Independence, switching from a single product economy to multi-product economy. https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709178860 2023-09-18 16:37:52 UTC https://padlet.com/rimsavidteam/4b9j22ctnypbb2sd/wish/2709178860