economic diversity

Economic diversity refers to the variety of industries, businesses, and jobs within a region or country. When an economy is diverse, it doesn't rely too heavily on a single sector, like manufacturing or tourism, which can be risky if that sector declines. Instead, it includes a mix of sectors such as agriculture, technology, healthcare, and finance. This variety helps stabilize the economy, promotes growth, and provides more employment opportunities. A diverse economy is better equipped to withstand shocks and adapt to changes, fostering long-term stability and resilience.