ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -A traditional economic system is one in which people’s economic roles are the same as those of their parents and grandparents. Societies that produce goods and services in traditional ways are found today in some parts of South America, Asia, and Africa.
Detailed explanation-2: -Traditional Economy Villages in Africa and South America. the Inuit tribes in Canada. the caste system in parts of rural India.
Detailed explanation-3: -Africa as a whole has abundant natural resources, but much of its economy has remained predominantly agricultural, and subsistence farming still engages more than 60 percent of the population.
Detailed explanation-4: -South Africa has a mixed economy in which there is a variety of private freedom, combined with centralized economic planning and government regulation.
Detailed explanation-5: -Although very rare in our modern world, some parts of Central America and South America still give us a glimpse of traditional economies. For instance, there are still some tribes of Mayan ancestry who practice a traditional economy.