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An economic system is one in which goods are produced and traded. It outlines how a community distributes goods and services, plans production, and allots resources. Traditional, command, market, and mixed economies are common types; each has distinct roles for markets, the government, and individual choice in the decision-making process.
What else can I help you with?
What is produced and exchanged in the real sector?
Goods and Services
When money is not used and goods and services are exchanged for other goods and services this system is called?
It's called TRADE BY BARTER.
Before the development of money as a medium goods and services were exchanged through a system?
BARTER
What are the four fundamental economic questions?
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?
What is barter system?
In a barter system commodities are exchanged with commodities without the use of money. But in such a system two parties are required who are ready to buy and sell each other’s commodities. It is a primitive system.
What is produced and exchanged in the real sector?
Goods and Services
What is the system that had goods and services exchanged before the development of money?
The "Barter" or "Bartering" system.
What is a system that sets rules for how people decide what goods and services to produce and how they are exchanged?
Econcomic System
What trading system did the Babylonia people use?
They exchanged their surplus for money or for goods.
What are the five problems all economic system face?
Which goods should be produced? How will the goods be produced? For whom will the goods be produced? How much goods should be produced? At what rate will the goods depreciate? A+
When money is not used and goods and services are exchanged for other goods and services this system is called?
It's called TRADE BY BARTER.
Before the development of money as a medium goods and services were exchanged through a system?
BARTER
Explain how a barter system works?
Goods and services are exchanged without the use of money.
What are the four fundamental economic questions?
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?
What is barter system?
In a barter system commodities are exchanged with commodities without the use of money. But in such a system two parties are required who are ready to buy and sell each other’s commodities. It is a primitive system.
What goods are exchanged for salt?
they exchanged european wares for salt
How did people exchange in ancient communities?
Well, in ancient communities, people exchanged goods and services through a system called bartering. It was a simple and direct way of trading where individuals would swap items they had for things they needed. This system helped build connections and foster a sense of community among people.
