What are countries with traditional economy? - Answers
Aug 22, 2023 · Traditional Economies Traditional economies refers to countries which have their economy based on the basic economic activities of hunting and gathering or farming.A traditional economy is ...
Who chooses what to produce in traditional economy? - Answers
Aug 22, 2023 · A traditional economy is an economic system where decisions are based on customs, beliefs, or religion within a social community. People work together to produce goods to meet their needs, and ...
How can you best describes a traditional economy? - Answers
Aug 22, 2023 · A traditional economy is a system where traditions, customs and belief systems determine its operation. In that state, this type of economic system may go unchanged for quite some time.
Who owns the factors of production in a traditional economy?
Aug 23, 2023 · Traditional economies are typically seen in South America and Africa.In a traditional economy the tribe controls the factors of production.
What are the characteristics of traditional economy? - Answers
A traditional economy is an economy based on custom and tradition. The economic system in which resources are allocated by inheritance, has a strong social network and is based on indigenous ...
How does a traditional economy answer the three basic economic ...
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
Who decides what to produce in a traditional economy?
Aug 22, 2023 · In a traditional economy, traditions, customs, and beliefs shape the goods and products that society creates. This is an original economic system that is often rural and farm-based.
Who makes decisions in the traditional economy? - Answers
Oct 23, 2022 · In a traditional economy, the decision to make certain products is decided by the people, but designed around traditions, customs, and beliefs.
What are the main features of a traditional economy? - Answers
Oct 17, 2022 · A traditional economy is an economy based on custom and tradition.The main strength is each person has job. There is less crime. There is no over consumption and surplus.The main weakness is they ...
What is traditional economy? - Answers
Oct 25, 2022 · In traditional economies, there may be no prices whatsoever.A traditional economy is a system where traditions, customs and belief systems determine its operation.