ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Because we have always done it this way
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No Growth
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Older generation teach the new generation
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Competition
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Detailed explanation-1: -Existing in a hunter-gatherer and nomadic society. Producing only what it needs. Relying on a barter system. Evolving once it starts farming and settling.
Detailed explanation-2: -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-3: -Traditional economies have several characteristics that are unique compared to modern economies. They are geographically and locally based, they have a bartering system, they have little to no surplus or goods, and they don’t waste any parts of goods they produce.
Detailed explanation-4: -In 2022, The World Population Review labeled Brazil, Haiti, Alaska, Yemen, Canada, and Greenland as traditional economies. Most conventional economic systems are found in Asia, Africa, Latin America, and the Middle East.