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Q: In a economy people do things the way they have been done in the past?
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What is an economy that answers its basic economic questions by doing things the way they always have been done called?

A.) Traditional economy. :3


Why should people be economically informed?

Because like many things, it affects our lives. Having a job or not, is the most significant way as people see it, but economics affects other things. The standard of living in a country, the services available, the quality of the infrastructure, the planning for changes that need to be done as the economy changes, the education people get and pursue, the political stability in a country and many other things. So it is important that you have at least some idea of what is going on in the economy at local, national and international level. Obviously if you are in business, you need to be very aware of the economic activity as making the wrong decisions because you did not get the right information, could have consequences.


What can be done with taxes when the economy is in a down ward swing?

Lowered


What is the problem with a single product economy and what can be done to help?

sauce


What are the pros and cons of command economy?

Pros A sense of community within the economy Income equality Potential to get things done very quickly Cons Little innovation No competition within the economy Firms will have a hard time competition in the world market The quality of the good are detrimental Inefficient allocation of resources Lack of Freedom Lack of personal gain Generally, there is a lower standard of living when compared to a free market economy

Related questions

What is an economy that answers its basic economic questions by doing things the way they always have been done called?

A.) Traditional economy. :3


What bad things has David Cameron done to the economy?

hes a bad boy


Not a group that will help you rank the importance of your various activities?

Things that should've been done yesterday.


What are some things that should be done after a hurricane?

things that people do after a hurricane


Management is getting things done through other people?

Management is getting Organised before getting things done through other people


How is the document called the declaration of sentiments like the declaration of independent?

Both list wrongs that had been done to people


How is the document called the Sentiments of Independence like the Declaration of Independence?

Both list wrongs that had been done to people


What bad things have politicians done?

kill people


What mistake he had done that people should not know how frakenstein had been created?

"What mistake he had done that people should not know how frakenstein had been created


What things has Shakira done?

show people today how to dance & be good people


What are the merits and problems of a multicultural society?

The problems of living in a multicultural society would be that people would want things done how it is done in their own culture and not how it is done in others' cultures; different people would have different views on how things should be done.


What bad things has Will Smith done?

he killed 100 people?