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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market
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mixed
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traditional
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Detailed explanation-1: -Contemporary Inuit subsistence is often described in one of two ways: as a mixed economy or as a social economy. material resources among Inuit.
Detailed explanation-2: -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-3: -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-4: -Examples of traditional economies include the central African Mbuti, the Australian Aborigines, and the Inuit of Northern Canada. The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition.