What is an economy based of a single industry?

An economy based on a single industry, often referred to as a monoculture economy, relies heavily on one primary sector for its economic activity and revenue. This can lead to significant vulnerability, as fluctuations in that industry—such as price changes or demand shifts—can have outsized impacts on the overall economy. While such economies may benefit from focused expertise and investment, they often lack diversification, which can hinder resilience and growth. Examples include regions dependent on oil, agriculture, or tourism as their primary economic drivers.