ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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customs passed down from generation to generation
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supply and demand factors that set product prices
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profits that motivate entrepreneurs to start small businesses
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government control over all industries in the economy
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Detailed explanation-1: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.
Detailed explanation-2: -Answer and Explanation: An economy in which production is based upon customs and traditions and the economic roles are typically passed down from one generation to another is known as Traditional Economy.
Detailed explanation-3: -In a traditional economy, a person’s economic role is likely to be the same as that of their parents and grandparents. Economic decisions involving production are likely to be based on tradition; families produce what they need, and may use excess production to trade.
Detailed explanation-4: -In a traditional economy, the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed.