Question

A nation where the major forces for jobs, revenues, and taxes come from farming or extractive industries like forestry, mining, or oil production is called ____________. efficiency-driven economy factor-driven economy innovation-driven economy fast moving opportunity

Answer 1

Factor-driven economy.

Step-by-step explanation:

The factor-oriented economy can be defined as the first sector of economic development, which is based on the use of natural resources and unskilled labor. In this type of economy, the competitive advantage is based on the production of basic products, which are the source of production of this factor-oriented economy.

Generally, this first stage of economic development supports low wages compared to other economic stages.