Please help ASAP!!!
***Describe how oklahoma's economy has become more diversified in the last 20 years. Cite specific non traditional industries that have come to the state. How has diversification helped the state?****
I was thinking that it would be about the end of segregation but I'm not sure about the industries part.
@Ms. Sue Okay so this one website talks about how we started out as just oil and agricultural and then we added in energy, gas, a aerospace sector, a biotechnology sector, and some other things. Is this where I need to be looking at?
yuhhhh
Yes. When we talk about economy, we mean businesses. Look into Oklahoma's increase in energy businesses.
Yes, absolutely!
I don't think it has much to do with segregationl
https://www.google.com/search?source=hp&ei=bfzFXOOTKYLatAXVyaaICw&q=+oklahoma%27s+economy+has+become+more+diversified+in+the+last+20+years&btnK=Google+Search&oq=+oklahoma%27s+economy+has+become+more+diversified+in+the+last+20+years&gs_l=psy-ab.3..0i5i30.3414.3414..5417...0.0..0.129.129.0j1......0....2j1..gws-wiz.....0.840fNRBBW_Q
@Ms. Sue I have already googled a whole bunch and I can't find an answer that makes sense. The only thing that I can think of that made Oklahoma more diverse was the acceptance of other races such as, african americans, asians, mexicans, etc. However I did find something on energy booming in Oklahoma. Is my answer about that?
To understand how Oklahoma's economy has become more diversified in the last 20 years, we can look at specific non-traditional industries that have emerged in the state. Diversification refers to the process of expanding the range of industries and sectors within an economy, reducing dependence on a single industry or sector. This helps mitigate risks associated with economic downturns and promotes long-term sustainability.
Several non-traditional industries have contributed to Oklahoma's economic diversification:
1. Energy Diversification: While the energy sector has always played a significant role in Oklahoma's economy, there has been a shift towards diversifying the energy sources. Renewable energy industries such as wind power and solar energy have gained momentum, with Oklahoma becoming one of the leading states in wind energy production. This has attracted investments, created jobs, and reduced dependence on fossil fuels.
2. Aerospace and Defense: Oklahoma has seen a growth in aerospace and defense industries, with companies like Boeing, Northrop Grumman, and Lockheed Martin establishing a significant presence in the state. These industries have created numerous high-paying jobs and stimulated local economies through supply chains and related services.
3. Biotechnology and Life Sciences: Oklahoma has made strides in developing its biotechnology and life sciences sector. The state has seen the emergence of research institutions, biotech companies, and startups focused on areas such as genomics, medical devices, and pharmaceuticals. This diversification has led to innovation, job creation, and opportunities for collaboration with academia.
4. Data Centers and Technology: Oklahoma is becoming an attractive location for data centers due to its geographical advantage, favorable climate, and affordable energy. The expansion of technology companies and data centers has led to investments in infrastructure, increased employment opportunities, and enhanced connectivity.
5. Film and Entertainment: Oklahoma's film industry has experienced significant growth, with the state offering tax incentives and a diverse range of shooting locations. This has attracted movie productions, television series, and streaming platforms, contributing to the local economy through job creation and increased tourism.
The diversification of Oklahoma's economy has had several benefits for the state:
1. Increased Resilience: By diversifying its industries, Oklahoma has reduced its vulnerability to economic shocks that can occur in single industries. This resilience helps the state weather economic downturns more effectively.
2. Job Creation: The emergence of non-traditional industries has brought new employment opportunities in various sectors. Diversification has created jobs not only in the specific industries themselves but also throughout the supply chain and related services.
3. Economic Growth: The growth of non-traditional industries has contributed to Oklahoma's overall economic expansion, attracting investments and increasing tax revenues. This growth can be reinvested in infrastructure, education, and public services.
4. Innovation and Knowledge Economy: Diversification has fostered an environment conducive to innovation and entrepreneurship. New industries bring new ideas and technologies, leading to advancements in research and development, and driving the transition towards a knowledge-based economy.
In summary, Oklahoma's economy has become more diversified in the last 20 years through the emergence of non-traditional industries such as renewable energy, aerospace, biotechnology, technology, and entertainment. This diversification has brought benefits including increased resilience, job creation, economic growth, and stimulation of innovation and knowledge-based sectors.