ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command
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Market
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Traditional
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Mixed
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Detailed explanation-1: -Traditional economies are those in which customs and traditions are more important than money. Traditional economies are often based on hunting, fishing and gathering or farming. Often in a traditional economy, there is no surplus and no resources, and bartering is used to exchange for needed goods.
Detailed explanation-2: -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-3: -India’s traditional economy was characterized by a blend of agriculture and handicrafts. While the Indian economy was mainly dependent on agriculture, handicrafts played a major role in influencing the rural economy of India.
Detailed explanation-4: -Traditional economies are typically found in rural areas of developing second and third-world nations, often in Africa, Latin America, Asia, and the Middle East. Traditional economies center around a family or tribe.
Detailed explanation-5: -Traditional economic system. Command economic system. Market economic system. Mixed system. 6 days ago