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In which type of country is one most likely to find a traditional economy?
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∙ 6y ago
underdeveloped
Wiki User
∙ 6y ago
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What type of country is most likely to find a traditional economy?
Under Developed
In which type of country is one most likely to find traditional economy?
underdeveloped
How is the traditional economy in japan?
I'm a 4th grade but i cant fit all of it in. so u will have to find me
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 country has the charcteristics of a market economy?
If you look at the countries of the developed world ("the West"), you will find the characteristics; however, you won't probably find a country that runs only on the principles of this system. There will always be some aspects that won't fit into the description of the market economy.
What type of country is most likely to find a traditional economy?
Under Developed
In which type of country is one most likely to find traditional economy?
underdeveloped
How is the traditional economy in japan?
I'm a 4th grade but i cant fit all of it in. so u will have to find me
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.
In what country are you most likely to find llamas?
peru
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.
In what country would you most likely find fez?
it is from turkey
What country has the charcteristics of a market economy?
If you look at the countries of the developed world ("the West"), you will find the characteristics; however, you won't probably find a country that runs only on the principles of this system. There will always be some aspects that won't fit into the description of the market economy.
What is the total size of each economy?
The total size of an economy is typically measured by its Gross Domestic Product (GDP), which represents the total value of all goods and services produced within a country's borders in a specific time period. It is an important indicator of the economic health and performance of a country.
In what country would you most likely find a Hedgehog?
Great Britain, most likely, second most likely, Africa.
Where would you most likely find livestock?
grazing in a pasture in the country
In which country would you likely not find Theravada Buddhist practitioners?
China
