ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Mixed economies are the most common economic system in the world today.

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: -The traditional economy offers less of a threat to the environment than another market system. People in the economy have conventional occupations like farming, fishing, hunting or cattle-rearing. There is no wastage in the traditional economy because the people in the economy consumes whatever they produce or gather.

Detailed explanation-4: -Compared market economies like capitalism, a traditional economy is far less efficient and less likely to succeed in providing a consistently good quality of life for its people. With specific work roles handed down from generation to generation, there are few career choices in traditional economies.