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Traditional economies produce goods that are primarily based on customs, traditions, and cultural practices. These goods are often crafted using age-old methods and techniques, reflecting the community's heritage and resources available in their environment. Production is typically focused on meeting local needs rather than for market exchange, with an emphasis on subsistence and sustainability. As a result, goods produced in traditional economies tend to be unique and closely tied to the lifestyle and values of the community.
What else can I help you with?
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
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 to produce in mixed economy?
You should produce mixed goods in a mixed economy.
What economy is where goods and services are traded?
In a Traditional economy goods and service are either by sharing or trading.
How are goods produced in a traditional economy?
It get produced in factories.
Who determines what goods to produce in the economy?
It is the demand and supply which determines the goods and services to produce in the economy.
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 to produce in mixed economy?
You should produce mixed goods in a mixed economy.
What to produce mixed economy?
You should produce mixed goods in a mixed economy.
What economy is where goods and services are traded?
In a Traditional economy goods and service are either by sharing or trading.
For whom are goods services produce in a market economy?
In a market economy, goods and services are produced for consumers.
How are goods produced in a traditional economy?
It get produced in factories.
What is a major of traditional economy?
Bartering for goods and services
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 a traditional economy?
A traditional economy is an economic system where decisions are based on customs, beliefs, or religion within a social community. People work together to produce goods to meet their needs, and share with family. They trade with their community/family with their excess.
What is a major feature of traditional economy?
Bartering for goods and services
How are goods and services exchanged in a traditional economy?
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