ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
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Traditional
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Command
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Capitalism/Market
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socialist
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Explanation:
Detailed explanation-1: -A traditional economy-use of scarce resources and economic activity is based on habit or custom.
Detailed explanation-2: -Traditional economy: Relies on habit or custom.
Detailed explanation-3: -Definition. A traditional economy is a system that relies on customs, history, and time-honored believes. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them.
Detailed explanation-4: -What is the definition of a traditional economy? An economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom.
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