ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A government planning group makes most of the economic decisions for the people.
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Based on customs and on the habits of how decision were made in the past.
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Economic decision are made by individuals who decide what to produce and what to buy.
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Has characteristics of both a market and command economy.
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Detailed explanation-1: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.
Detailed explanation-2: -A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution. Countries that use this type of economic system are often rural and farm-based.
Detailed explanation-3: -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. They use barter instead of money.
Detailed explanation-4: -The primary group for whom goods and services are produced in a traditional economy is the tribe or family group. In a command economy, the central government decides what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.