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NOT REALLY. You could make the argument that because there is no question of capital allocations that there is a higher degree of personal liberties a traditional economy and, therefore, more freedom to propose or consider new ideas. However, the ambit of those ideas (e.g. their variety and distinctiveness) is markedly limited because of the lack of diversity and variety in a person's environment if they are living in a traditional economy. As a result, the actual ambit of the ideas is much less than even a repressed person in an authoritarian-led modern economy. Additionally, the lack of capital and credit in a traditional economy means that prototypes conceived can often not be built or tested, meaning that the invention often would die as soon as the inventor forgets about it.
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Traditional economy in a sentence?
the traditional economy gain more money because of the products they sold
If the US government took over the auto and steel industries how would this affect our economy?
our mixed economy would become less of a command and more of a traditional economy.
Is a market command or traditional economy most likely to come up with new and better products?
A free market economy is more receptive to new products and idea. The freedom offered in such nations helps towards the development of new products. Traditional economies and nations tend to rely on the older methods of product production and are heavily regulated, giving new idea and products less attention.
Which is more important in a traditional economy accumulating individual wealth or honoring tradition?
Honoring Tradition
How does the government regulation affects the economy?
It would have been more apt, if it is reworded as How does the government regulation affect market economy. In a controlled economy, government decides what its economy should be and hence has no relevance.In a market economy, the fundamental aspect of Choice and freedom... This enables production as per market demand and also creation of new markets for products. Government regulations affect the choice and freedom and hence may affect the market dynamics and economy.
Traditional economy in a sentence?
the traditional economy gain more money because of the products they sold
Why is the Midwest conservative?
Because the economy of the Midwest is more traditional faming + industry. People in here value the tradition, religion, freedom and the constitutional rights while the coasts value change.
Girls have more freedom to challenge traditional gender roles than boys?
It is arguable that girls have more freedom to challenge traditional gender rolls. However it is also quite arguable that traditional gender roles were much more restrictive to girls than they ever were to boys.
Was the embargo act an attempt to punish the federalists?
yes to get more freedom and economy
What is traditional furniture?
Well even though some people may have different ideas of traditional furniture. Traditional furniture is supose to have more of a "classic" look. You know more twords Renaissance furniture. Although alot of furniture ideas and definitions have changed alot to people and companies.
How did the Age of Revolution affect Spain?
It triggered more radical ideas such as freedom and democracy.
If the US government took over the auto and steel industries how would this affect our economy?
our mixed economy would become less of a command and more of a traditional economy.
Is a market command or traditional economy most likely to come up with new and better products?
A free market economy is more receptive to new products and idea. The freedom offered in such nations helps towards the development of new products. Traditional economies and nations tend to rely on the older methods of product production and are heavily regulated, giving new idea and products less attention.
Which is more important in traditional economy accumulating individual wealth or honoring tradition?
Honoring Tradition
Which is more important in a traditional economy accumulating individual wealth or honoring tradition?
Honoring Tradition
What economic system does India operate under?
India was based more on a traditional economy before the British came, but after British Rule they have been influenced to become a more mixed economy.
What type economic system does India operate under?
India's previously State operated industries has rapidly been developed into a more open mixed economy. Industrial deregulation and the privatization of formerly either owned or government controlled industries has been continuing.
