ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Mixed
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Traditional
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Market
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Detailed explanation-1: -A traditional economy focuses on the country’s traditions, beliefs and customs before developing goods or providing services.
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: -A traditional economy is a system that relies on customs, history, and time-honored believes. Tradition guides economic decisions such as production and distribution.
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: -A traditional economy is an economy in which people make economic decisions based on their customs and habits.