ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional Economy
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Command Economy
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Market Economy
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Mixed Economy
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Detailed explanation-1: -A traditional economy relies on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it. The traditional economic system revolves around the family.
Detailed explanation-2: -How a Traditional Economy Works. A traditional economy is an economy that relies on cultural customs, beliefs, and other traditions for economic decisions.
Detailed explanation-3: -Traditional economy: Relies on habit or custom.
Detailed explanation-4: -There are three main types of economic systems: command, market, and mixed. We will briefly describe each of these three types.
Detailed explanation-5: -The oldest and simplest economic system is known as a traditional economy. – Traditional economies rely on habit, custom, or ritual and revolve around the family. There is little room for innovation or change.