ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mixed
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Market
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Traditional
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Command
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Detailed explanation-1: -People in the economy have conventional occupations like farming, fishing, hunting or cattle-rearing. There is no wastage in the traditional economy because the people in the economy consumes whatever they produce or gather.
Detailed explanation-2: -What is Traditional Economy? A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. These countries rely mostly on agriculture, gathering, hunting, and fishing. The barter system is characteristic of traditional economies.
Detailed explanation-3: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
Detailed explanation-4: -Belarus. Cuba. Iran. Libya. North Korea. Russia.