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What factor influences economic decision-making in a traditional economy?
Wiki User
∙ 12y ago
Customs and traditions.
Leo Bergnaum
Wiki User
∙ 14y agoDemand.
The traditional economy is at least partially free market meaning people are at liberty to produce and buy whatever they want. In that case, economic principles say that people will do whatever makes them better off. Therefore, in an economy where people can produce whatever they want, they will produce what people will buy.
A free market economy moves toward equilibrium when there is no outside intervention because if people are no longer buying a product, that producer will specialize in something else that people will buy.
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Kazakhstan has a Traditional economy
What are the 4 economic systems?
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Habit and custom determine economic activities in a?
Traditional Economy
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What are other names for traditional economy?
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What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
What are the 4 economic systems?
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.
Habit and custom determine economic activities in a?
Traditional Economy
What is India's economic system?
Traditional Economy.
What are other names for traditional economy?
command economy
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Traditional Economy.
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Who provides advice to the president about how the government influences the economy?
Council of Economic Advisors
In what type of economy are the basic economic questions answered as you have always done?
traditional > <
