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: -Traditional Economy-The production of goods and services are based on a particular society’s traditional customs or beliefs; people will make what they have always made and will do the same work their parents did; exchange of goods is done through bartering.
Detailed explanation-3: -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-4: -Examples include the economies of China, Norway, Singapore, and Vietnam-all of which feature large state-owned enterprise sectors operating alongside large private sectors.