ECONOMICS
SCARCITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Traditional Economy
|
|
|
Market Economy
|
|
|
Command Economy
|
|
|
Mixed Economy
|
Detailed explanation-1: -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-2: -Examples of traditional economies include the central African Mbuti, the Australian Aborigines, and the Inuit of Northern Canada. The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition.
Detailed explanation-3: -Definition. 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-4: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.