Highlight the economic problems associated with the dependency of West African countries on primary production.
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Correct Answer: Option n
Explanation:
The economic problems associated with the dependency of West African countries on primary production are:
(i) The development of substitutes
(ii) The type of weather in West Africa makes it difficult for them to shift the focus of their production.
(iii) West African nations may be forced to depend solely on imported capital and semi-finished goods.
(iv) Diversification of the economy. becomes difficult because of competition from foreign countries
(v) Another basic problem is the difficulty of developing new markets.
(vi) The reliance on primary production can cause overproduction hence a fall in price. The revenue will reduce gradually.
(vii) The terms of trade will deteriorate drastically.
(viii) Vulnerability to world recession and price fluctuations
The economic problems associated with the dependency of West African countries on primary production are:
(i) The development of substitutes
(ii) The type of weather in West Africa makes it difficult for them to shift the focus of their production.
(iii) West African nations may be forced to depend solely on imported capital and semi-finished goods.
(iv) Diversification of the economy. becomes difficult because of competition from foreign countries
(v) Another basic problem is the difficulty of developing new markets.
(vi) The reliance on primary production can cause overproduction hence a fall in price. The revenue will reduce gradually.
(vii) The terms of trade will deteriorate drastically.
(viii) Vulnerability to world recession and price fluctuations