ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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to be the most productive society globally
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to make private property and competition laws
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to support the wants and needs of the individual consumer
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to support the basic needs of the society as a whole
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Detailed explanation-1: -The main goal of a traditional economy is to be self-sufficient. This means that the community produces what it needs and does not rely on trade with other communities to meet its needs.
Detailed explanation-2: -A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of the above. They use barter instead of money.
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: -An economic system is a means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country. Economic systems regulate the factors of production, including land, capital, labor, and physical resources.