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A custom based economy refers to an economy whereby the goods and services that have value are given without any form of agreement. This is done for a reward in future or at the moment. At the moment China is practicing this with some African countries.
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What countries have a custom-based economy?
Ham and sour crout
What is a custom based economy?
In a custom based economy, goods are produced traditionally. The method of production is passed down from parent to children and rarely changes.
What are some Examples of a custom based economy?
Thailand and Ethiopia
What countries are custom-based societies?
yeah
Compare the three economy questions to command economy market economy and traditional economy?
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
What countries have a custom-based economy?
Ham and sour crout
Does Ethiopis have a custom-based economy?
yea
What is a custom based economy?
In a custom based economy, goods are produced traditionally. The method of production is passed down from parent to children and rarely changes.
Does Nigeria have a market economy?
is nigeria a market economy, or a custom based economy, or directed.
What is a economical system?
An economy based on custom or tradition.
What a economic system?
An economy based on custom or tradition.
What are some Examples of a custom based economy?
Thailand and Ethiopia
What countries are custom-based societies?
yeah
Two countries with market based economies?
There are several countries that have a market based economies. France and England are two countries that have this type of economy.
Compare the three economy questions to command economy market economy and traditional economy?
traditional economy: resources are allocated based on custom and traditionmixed economy:resources are allcoated based on mixed informtion given.command economy: resources are allocated by the government or other central authoritymarket economy: resources are allocated by individualsCommusim
In a traditional economy what are the economic decisions based largely on?
In a traditional economy the economic decisions are largely based on custom. In all centrally planned economies the government makes all important economic decisions.Ê
Market Economy Countries?
The countries that use a market economy are the United State, Western Europe, and Western Germany. A market economy is an economy in which decisions regarding investment, production and distribution are based on supply and demand.
