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How does a traditional economy answer the basic questions of what how and for whom to produce?
A traditional economy answers the basic questions of what, how, and for whom to produce based on long-standing customs, traditions, and cultural practices. Production typically focuses on goods and services that meet the community's basic needs, using methods passed down through generations. Resources are allocated according to societal roles, often determined by family lineage or community status. This system emphasizes sustainability and self-sufficiency, as production is closely tied to local resources and communal welfare.
What else can I help you with?
In what type of economy are the basic economic questions answered as you have always done?
traditional > <
How does a traditional economy differ from a capitalist economy?
In a capitalist system, the government answers the three basic questions.
Which of these is the best desription of a traditional economy?
The basic economic questions are answered by the customs of the past. A+
Which economy answers the three basic economic questions with the phrase Do as you have always done?
traditional
What is an economy that answers its basic economic questions by doing things the way they always have been done called?
A.) Traditional economy. :3
In what type of economy are the basic economic questions answered as you have always done?
traditional > <
How does a traditional economy differ from a capitalist economy?
In a capitalist system, the government answers the three basic questions.
Which of these is the best desription of a traditional economy?
The basic economic questions are answered by the customs of the past. A+
What is the best description of a traditional economy?
The basic economic questions are answered by the customs of the past.
Which economy answers the three basic economic questions with the phrase Do as you have always done?
traditional
What type of economy best fits this description the basic questions are answered do as you have always done?
Traditional A+
What is an economy that answers its basic economic questions by doing things the way they always have been done called?
A.) Traditional economy. :3
What are the four basic questions of economy?
What goods and services will be produced?How will the goods and services be produced?Who will get the goods and services?How will the system accomodate change?
How does each type of economy answer the three basic questions?
market 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.
What are three basic econmic questions?
what to produce? how to produce it? for whom to produce it?
What combines the elements of pure economic systems?
A mixed economy combines elements of traditional, market, and command economic models to answer the three basic economic questions.
