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When having a traditional economy how would you know what to produce?
Wiki User
∙ 14y ago
Producers would know what to produce by seeing what the demand is for certain products. This is done through surveys about people's personal preferences, among other methods. Producers would also know how much to produce by the current demand in the market for a good already in production.
Wiki User
∙ 14y ago
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Does Peru use free market economy command economy or mixed economy?
It would be Traditional economy because command economy would sort of be like Cuba and mixed economy would be like us (The United States).
If the US government took over the auto and steel industries how would this affect our economy?
our mixed economy would become less of a command and more of a traditional economy.
Who will buy goods in traditional economies private consumers or industry?
i would say a private consumer because the traditional economy would no longer be traditional if it was to be controlled by an industry.
What is trditional econimes?
A traditional economy is an economy based on the people's traditions. For example, if my dad was a blacksmith, I would be one too.
What is an explosion in the economy's ability to produce?
An "explosion" in the economy's ability to produce would likely refer to a positive thing. This means there has been a sudden, drastic improvement in economic production.
What are disadvantages to a market economy?
A Market economy is reffered to as an economy in which the consumers decide what to produce, How to produce and For whom to produce. There are several disadvantages of a market economy. The main one being an inefficient allocation of resources refered to as market failure. Firstly, some good and services would be under provided such as defence and education.
What are the type of economics?
There are command economies, which you would find in a dictatorship or true monarchy, free economies, which you would find in Democracies or Republics, there is the mixed economy, Which is what we have, and finally there is the traditional economy which describes tribal and agricultural economies.
How does the command economy decide how to produce?
The command economy looks at what is needed, and what is available, and allocates materials directly to production. There is often little choice in the selection of consumer goods, as there would be in a market-driven economy.
Why are mixed economies so prevalent?
Most countries in the world today operate under a mixed economy because in a mixed economy, one person or the government does not own everything. This means that, for example, if you owned a herd of cows, since it is a mixed economy, you own the herd but you would still have to follow the government regulations. In a command economy, the government controls all production and distribution of goods and services. In a traditional economy, the decisions are based on customs, beliefs, or religion, within a strong social community, and in a market economy, businesses and consumers decide what they will produce or purchase. It's better to have all 3 economies combined into a mixed economy, rather than having only a market economy, a traditional economy, or a command economy.
Which activity would most characteristic of people in a traditional Society?
Having the same occupation as their parents
How can you best describes a traditional economy?
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 share with family. They trade with their community/family with their excess.
Why would you get prosecuted for having yeast in jail?
Yeast is a necessary ingredient to produce alcoholic beverages. There would be no other reason for having it in the normal routine in a jail.
