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Some designated leader.
[Cite from Stars Suite lesson: A traditional economy is perhaps the most easily understood social organization, but it is by no means any less complex than our other two models. Under a traditional system, custom and heredity play crucial roles. Power, authority, and property often are passed down from generation to generation. For instance, if your father and grand-father were both a blacksmith, you would likely grow up to be one as well. Tradition under this system is very important and individuals readily accept their role in society and work to make certain the needs of the society are met. Large, extended families may be common. A class system might be evident. The leader of the society might be an elder, the chief, or perhaps even a medicine man. (OR, some kind of designated leader)]
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How are economic decisions made in a traditional economy?
they are made by custom and habit
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 and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What type of economy is it where all economic decisions are based on age-old customs?
A traditional economy is where all economic decisions are based on age-old customs.
Who makes decisions in the traditional economy?
In a traditional economy, the decision to make certain products is decided by the people, but designed around traditions, customs, and beliefs.
How are economic decisions made in a traditional economy?
they are made by custom and habit
How are economic decisions made in traditional economy?
they are made by custom and habit
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 traditional economy and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What is the difference between a traditional and market economy?
In a {Traditional Economy}, economic decisions are based on customs handed down from generation to generation. In a {Market Economy} individuals make their own decisions about what to produce how to produce it & for whom to produce it.
What are similarities between market and traditional economic systems?
In a Market Economy the decisions are made by individuals whereas in a Traditional Economy, the decisions are all based on tradition, like what their ancestors had done, religion, and other similar factors. However, they both have a self interested mind-set. Hope this helped! :)
What type of economy is it where all economic decisions are based on age-old customs?
A traditional economy is where all economic decisions are based on age-old customs.
Who makes decisions in the traditional economy?
In a traditional economy, the decision to make certain products is decided by the people, but designed around traditions, customs, and beliefs.
In a traditional economy what are the economic decisions based largely on?
In a traditional economy the economic decisions are largely based on custom. In all centrally planned economies the government makes all important economic decisions.Ê
Who make the decisions in a command economy?
In a command economy government planners make the decisions and in a market the decisions are made by individuals.
What are some similarities between command and traditional economy?
In a command economy government agencies take the decisions regarding consumption production and distribution in other words allocation of resources . The classical example of command economy was the economy of erstwhile USSR- where major decisions were taken by the soviet planning commission. Traditional economy refers to economy in which primary sector- agriculture , mining , fishing , lumbering , animal husbandry etc, is dominant economic activity - in terms of share in GDP and employment.
How are decisions made in a market economy?
The decisions are made in a market economy by considerations of various factors. The output level of an economy is the main considerations as well as the income level of the region.
