ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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family
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legal system
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public schools
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government
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Detailed explanation-1: -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.
Detailed explanation-2: -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-3: -Goods are produced by hunting, fishing, gathering, and harvesting. In a traditional economy everyone owns and uses the land together.
Detailed explanation-4: -Which of the following statements is true of a traditional economy? People produce and consume only the goods they need.