ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is true of traditional economies?
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economic decisions are determined by the government.
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People have access to private property.
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the production of goods is based on custom.
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they resemble a communist economic system.
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Explanation:
Detailed explanation-1: -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.
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