ECONOMICS
BARRIERS TO TRADE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The types of factories in your area.
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Careers that you were most interested in.
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How smart you were in school.
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The job your parents had
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Detailed explanation-1: -Traditional economies base economic decisions on cultural values and beliefs. This economy relies on farming, hunting, and fishing.
Detailed explanation-2: -The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition. The main disadvantage of a traditional economy is that it tends to discourage new ideas and new ways of doing things.
Detailed explanation-3: -A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of the above. They use barter instead of money.
Detailed explanation-4: -Why do work roles in a traditional economy tend to be limited? Because there isn’t much resources and there are rules and regulations set to prevent any new ideas to be presented.