ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic system
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traditional economy
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command economy
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market economy
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mixed economy
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Detailed explanation-1: -Traditional Economy: A system which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.
Detailed explanation-2: -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-3: -A traditional economy is a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed.
Detailed explanation-4: -Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.