Final answer:
Monoculture is the practice of an economy or an agricultural operation relying on a single product or crop. While it can lead to specialization and efficiency in production, it also poses the risk of food insecurity, economic instability, and environmental issues such as soil nutrient depletion and higher susceptibility to pests.
Step-by-step explanation:
The practice of an economy relying on only one single product or crop is known as monoculture. This approach has significant drawbacks, particularly for countries with limited economic diversity. In regions where monoculture is prevalent, such as in some parts of Africa, Asia, and Latin America, the focus on a single cash crop can lead to issues like food insecurity and famine, due to diminished production of local food crops. Additionally, monoculture economies are at a higher risk of suffering from adverse events, such as crop failures caused by pests, disease, or climate conditions, and volatile market prices.
Specialization in a single crop can contribute to an economy's growth if that crop is in demand, and it allows producers to become highly efficient in its production. However, the lack of diversification in agriculture can be hazardous, as it puts the economy at risk if the specialized crop or commodity fails or if there are fluctuations in market demand.
Therefore, when the farmer adjacent to your land plants a single crop, soybean, over their entire 100-hectare field, this practice is called monoculture.