0
Are there any countries that had a traditional economy but now have a market economy?
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What is the difference between a traditional economy and modern economy?
In a command economy the government decides how many of which goods are produced. But in a traditional economy the social roles and culture determine how goods and services are produced. Babies are produced by anal sex
What type of economy is this When trying to decide what to produce businesses will look at the demand for their goods?
This cannot be answered. This does not make any sense.
Does the Bahamas have any free market economy?
It does have.
How does a command economy differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
Who chooses what to produce in traditional economy?
Families, Clans, or Tribes within the a traditional economy decide what goods and services will be produced. This is based off the customs and traditions that have been followed for generations in said traditional economy
What is the difference between a traditional economy and modern economy?
In a command economy the government decides how many of which goods are produced. But in a traditional economy the social roles and culture determine how goods and services are produced. Babies are produced by anal sex
What type of economy is this When trying to decide what to produce businesses will look at the demand for their goods?
This cannot be answered. This does not make any sense.
Does the Bahamas have any free market economy?
It does have.
How does a command economy differ from a market economy?
In a command economy the government decides how resources are used and what goods and service are produced. In a market individuals make the decisions about how resources are used and what gods and services to provide.
Who chooses what to produce in traditional economy?
Families, Clans, or Tribes within the a traditional economy decide what goods and services will be produced. This is based off the customs and traditions that have been followed for generations in said traditional economy
What is traditional economy?
people in traditional economies accept change easilyA traditional economy is a very underdeveloped economy that often depends on agriculture as its main base. Perhaps hearkening back to its agrarian roots, a traditional economy is also known as a subsistence economy.In order to fully understand a traditional economy, it is necessary to first define the three main economic systems. Market economies are so called because prices are determined by market prices. In command economies, prices and supplies are determined by the government. In traditional economies, there may be no prices whatsoever.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. Once this economy does begin to change, it usually morphs into one of the other systems mentioned previously.One of the unfortunate hallmarks of a traditional economy is its relation to poverty. Indeed, most of those inside of such a system find themselves mired in poverty their entire lives. This is significant. In his book titled Capitalism at the Crossroads, Stuart L. Hart notes that 4 billion people may be trapped in traditional economies.While there may be no nation on Earth today that has a purely traditional economy, the sheer number of the world's population in such economic systems indicates there are wide swaths of the world population in "sub-economies," primarily in the Third World.Though these economies may not be the official standard for the country, they do tend to keep any available wealth in the hands of a very few. In many cases, a traditional economy may have no official currency whatsoever. The economy works through bartering and trading, and there is very little of that because so little surplus is produced. In traditional economies, most produce only enough to keep their families alive. Any surplus in a traditional economy may go to a landowner or ruling authority.The businesses make the decisions.
What is the level competition in a traditional economy?
In a traditional economy, people rely on barter or the exchange of one good for another good. In such an economy, the competition is any other valuable product that someone has to offer a dealer to rival what you have to offer.
Which country is in Market or free market?
A true free market is free from economic intervention and regulation by government, other than protection of property rights. I don't believe there are any countries today that have a true free market. There appears there are always external driving forces that interfere with today's market. There may be some countries that are closer to a true free market economy than others, but I do not know of one today that is a true free market.
Is a free-market economy the same as a market economy?
No. Both have a similarity in a basis in the marketplace. However, a free market is a special case in which there are no external controls on free economic action. Market economies may or may not have such influences, but are only contingent on some basis in the marketplace.For example, the United States is a market economy. But with the degree of government intervention, it is not a free market economy. The closest in the world today is Hong Kong, but a pure free market is as hard to find as pure communism.To expound further, this is a difficult question, as the common meanings of "free market", "market economy", and "true free market" are not what an Economist would define. That is, there is a disjoint between common usage and technical definition.From an Economist's standpoint, and Market Economy is any one which uses the principles of supply/demand and open trade to transact economic activity. As such, the world has come to the point where all countries use a Market Economy.However, inside the category of Market Economy are a large variation in the level of three factors: government regulation, government ownership of industry/infrastructure, and government social programs. An Economist would stay that having more than a very minimal level in each category would move that economy into the Mixed Market Economy category. As current governments have high levels of regulation, some minimal level of government ownership of industry/infrastructure, and at least moderate levels of social programs, it's hard to classify any current nation's economy as anything but a MME. That is, from the Economist's perspective, there are no Free Market economies, let alone True Free Market economies (except in places where there is no functioning government at all, such a places undergoing civil war or in a state of anarchy).To be clear, from an Economist's standpoint, a True Free Market Economy is a form of Market Economy where the government provides only two functions: a single legal common currency, and adjudication of contracts. A Free Market Economy is one where the government would add some lower level of regulation on allowable economic activity, such as pollution controls, or prohibition on certain abusive economic activities (i.e. market manipulation or abuse of monopoly status), but does not engage in either ownership of industry/infrastructure or any government-sponsored wealth transfer (e.g. social programs).So, really, we are splitting hairs. Given that all countries are running an MME (according to an Economist), when ordinary people say "true free market" or "free market", what they are generally referring to is those countries with lower levels of regulation/ownership/social welfare than other countries. In common usage, these terms are relative, not absolute.This can easily be answered without large paragraphs. A free-market economy is called Capitalism. A market economy... It isn't really a term. It is the Same as a Free-market economy. The people closest to this would be the Hong Kongese but even yet, they are what the U.S is: a Mixed Market Economy. Period.
What is a closed market?
a closed market is a country that won't with any other countries
List all four types of economic system?
the 4 main types of economic systems are: a market economy, a mixed economy, a planed economy, and a traditional economy
What Antarctica economic system?
There is no economy in Antarctica: there are no countries or native populations to support any kind of economy.
