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In a custom based economy, goods are produced traditionally. The method of production is passed down from parent to children and rarely changes.
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What are some Examples of a custom based economy?
Thailand and Ethiopia
What countries have a custom-based economy?
Ham and sour crout
What countries have a custom based economy?
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.
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
Does Ethiopis have a custom-based economy?
yea
Does Nigeria have a market economy?
is nigeria a market economy, or a custom based economy, or directed.
What a economic system?
An economy based on custom or tradition.
What is a economical system?
An economy based on custom or tradition.
What are some Examples of a custom based economy?
Thailand and Ethiopia
What countries have a custom-based economy?
Ham and sour crout
What countries have a custom based economy?
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.
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
Describe the main strength and weakness of a traditional economy?
A traditional economy is an economy based on custom and tradition.The main strength is each person has job. There is less crime. There is no over consumption and surplus.The main weakness is they are poor. There is no innovation or it is not valued.
Habit and custom determine economic activities in a?
Traditional Economy
What is a Industrial based economy?
an economy based on industry
