BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Government
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Consumers
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Based upon customs, beliefs, religion and habits
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Detailed explanation-1: -The residents of a society or tribes are the sole decision-maker in a traditional economy . Countries that follow a traditional economy usually rely on various activities, such as hunting, fishing, pottery, agriculture and other industries, to boost their financial condition.
Detailed explanation-2: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.
Detailed explanation-3: -A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution. Countries that use this type of economic system are often rural and farm-based.
Detailed explanation-4: -Traditional Economy: A system which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.
Detailed explanation-5: -Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.