ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What Traditional Economy?
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Economy where industry is publicly owned & there is a central authority (government) making production & consumption decisions.
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Economy where decisions of individual producers & consumers determine what / how / for whom to produce (no government).
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Economic system where both the state & private sector direct the economy.
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System where traditions, customs, & beliefs shape the goods & services society creates.
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Explanation:
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.
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