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Q: Which country has market based locations of iron and steel industries?
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What term applies to a country in which the economy is primarily based on diverse industries?

The term that applies to a country in which the economy is primarily based in diverse industries is called a market based economy. This means that people of that country buy diverse things there, such as gifts, or fresh food, and don't depend on one industry.


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Iron and steel, cement, aluminum, machine tools, petrochemicals producing industries are called mineral based industries.Mineral based industries are primary industries that use mineral ores as their raw materials. The products of these industries feed other industries. Iron made from iron ore is the product of mineral based industry. This is used as raw material for the manufacture of a number of other products, such as heavy machinery, building materials and railway coaches.