What is the definition of economic diversity?

Economic diversity refers to the products and services that a country produces to be consumed by its economy. Stronger economies have a variety of goods to offer.

Having diversity among its economic goods can greatly improve a country's economic performance. Demography, geographical location and government policies can determine which products or services sell the best within the economy.

Economic diversity can refer to what companies have to offer as well. It is frequently debated at the collegiate level in terms of the types of students that colleges accept to their schools. Ivy League colleges are often criticized for having low economic diversity.