ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Market Economy
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Command Economy
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Traditional Economy
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None of the above
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Detailed explanation-1: -A traditional economy is a system that relies on customs, history, and time-honored believes. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them.
Detailed explanation-2: -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-3: -In a traditional economy, people are rooted in history, tradition, customs, and beliefs. Traditions dictate methods of goods production and distribution. In subsistent economies, production is aimed at self-sustenance-they consume whatever they produce. Trade is minimal.
Detailed explanation-4: -Traditional economic system. Command economic system. Market economic system. Mixed system. 04-Mar-2023