SSC
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Is a system in which tradition habits and customs control all economic activity; exists in only a few parts of the world today.
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Traditional Economy System
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Market Economy System
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Free Enterprise
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Capitalism
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Explanation:
Detailed explanation-1: -A traditional economy is a system in which the development and distribution of goods and services are determined by customs, traditions, and time-honored beliefs.
Detailed explanation-2: -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-3: -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. There is rarely a surplus produced. In other words, most of the goods and services are fully used.
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