ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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small, close communities that welcome change and new technology.
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large, widespread communities that welcome change and new technology.
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large, widespread communities that are able to deal effectively with environmental disaster.
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small, close communities that avoid change and new technology.
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Detailed explanation-1: -People in a traditional economy usually own their own resources, such as land, labor and tools. They have some freedom to make their own day-to-day decisions about when and how to use their resources. Societies with traditional economies are usually small. Today few purely traditional economies remain in the world.
Detailed explanation-2: -Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering. Barter and trade is often used in place of money. A mixed economy means that part of the economy is left to the free market, and part of it is run by the government.
Detailed explanation-3: -Common Characteristics of a Traditional Economy The community is self-sustained through fishing, hunting and farming. The traditional economic system does not trade. The market participants consume the products that are produced/collected, and they rely on bartering to get the products that they want.
Detailed explanation-4: -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.