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An economic system that relies on habit custom or ritual to decide questions of production and cunsumption of goods and services is?
Wiki User
∙ 12y ago
Should be traditional.
Wiki User
∙ 12y ago
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How does a society answer the three economic questions about the production and consumption of good and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
How does a society answer the three economic questions about the production and consumption of goods and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
How does the society answer three economic questions about the production and consumption of good and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
What economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
Traditional Economy
What is the economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
a centrally planned economy
How does a society answer the three economic questions about the production and consumption of goods and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
How does a society answer the three economic questions about the production and consumption of good and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
How does the society answer three economic questions about the production and consumption of good and services?
Its answer is based on the importance it attaches to various economic goals and societal values.
What economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
Traditional Economy
What do economic questions deal with?
Economics analyzes the production, distribution, and consumption of goods and services. Economics tries to explain how economies work and how economic elements interact.
What is the economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
a centrally planned economy
What do you call an economic activity that has to do with the creation of good and services?
Production
What does economic do with resources when it comes to the production and distribution of goods and services?
Allocating
What is economic mode?
A state of equilibrium in the production of goods and services within the economic parameters in consumption,investments,savings and the forces of supply and demand for production.
What is economic theory another name for?
An economic theory is a theory that has to do with the production, distribution and consumption of goods and services.
Definition of economic institution?
An economic institution is the set of norms relating to production and distribution of goods and services
What three broad categories do economist use to classify all economic systems?
Economic system is some sort of arrangements regarding the production of goods and services to satisfy human wants and needs.Economist deals with three questions to classify all economic system,which are:*What to produce?*How to produce?*For whom to produce?By answering these three questions economists make any economic decision.
