ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a major city
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an established country
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rural and under-developed territory
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all of the above
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Detailed explanation-1: -In 2022, The World Population Review labeled Brazil, Haiti, Alaska, Yemen, Canada, and Greenland as traditional economies. Most conventional economic systems are found in Asia, Africa, Latin America, and the Middle East.
Detailed explanation-2: -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: -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-4: -As many in history have experienced, capitalism is the ideal economic system for people around the world. Again, capitalism produces wealth and innovation, improves the lives of individuals, and gives power to the people.