ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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they are always choosing new ideas and technologies
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they are inefficient in providing goods and services to the society
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they assign jobs based on test scores
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all of the above
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Detailed explanation-1: -Traditional economy disadvantages are as follows: Starvation: People may starve from food shortage if there is a lack of agricultural, hunting, or fishing produce. Risk of Exploitation: Developed economies. read more often invade underdeveloped economies to exploit the land and natural resources.
Detailed explanation-2: -Disadvantages of Traditional Economy Seasonal changes can disrupt the economy. If it is an offseason, it will directly affect the hunting and farming in the economy.
Detailed explanation-3: -What might happen if an economy is unable to produce wanted goods and services? People will look elsewhere for them.
Detailed explanation-4: -Two current examples of a traditional or custom based economy are Bhutan and Haiti (Haiti is not a traditional economy according to CIA Factbook ). Traditional economies may be based on custom and tradition, with economic decisions based on customs or beliefs of the community, family, clan, or tribe.