ECONOMICS
DEMAND
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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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Mixed
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Market
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Detailed explanation-1: -A traditional economy is one in which economic decisions are based on customs and beliefs that have been passed down through generations. These economies tend to be agrarian, with a focus on farming and hunting, and they often have a relatively simple division of labor.
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: -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-4: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.
Detailed explanation-5: -Traditional economic system. Command economic system. Market economic system. Mixed system. 04-Mar-2023