ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Traditional
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Market (Mixed)
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None of the above
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Detailed explanation-1: -A traditional economy is an economy that relies on cultural customs, beliefs, and other traditions for economic decisions. The five characteristics of a traditional economy are: Centering around a family or tribe.
Detailed explanation-2: -Traditional economies are economies that don’t run on the basis of profit. Rather, they focus on the trade and bartering of goods and services which allow individuals to survive in a particular region, group, or culture.
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.
Detailed explanation-4: -Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering and trading. A little surplus is produced and if any excess goods are made, they are typically given to a ruling authority or landowner.
Detailed explanation-5: -Traditional economic system. Command economic system. Market economic system. Mixed system. 7 days ago