(A) ** an extractive economy
(B) an export economy
(C) a feudal economy
EXPLANATIONS BELOW
Concept note-1: -Terms in this set (10) An economy that is based on mining or producing raw materials to be used in foreign industries is called ? An extractive economy.
Concept note-2: -Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well. Natural resources are used to make food, fuel and raw materials for the production of goods.
Concept note-3: -Herbert Spencer based his concept of social evolution, popularly known as “Social Darwinism, ” on individual competition. Spencer believed that competition was “the law of life” and resulted in the “survival of the fittest."