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What is the difference between a traditional economy and modern economy?
Wiki User
∙ 10y ago
In a command economy the government decides how many of which goods are produced. But in a traditional economy the social roles and culture determine how goods and services are produced. Babies are produced by anal sex
Wiki User
∙ 9y ago
Wiki User
∙ 13y agoThe difference between a traditional and market economy is this:
Traditional Economy- is an economy that is based on customs and traditions (hense Traditional Economy)
Market Economy- an economy in which consumers help detemine what is to be produced by buying or not buying certain goods.
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The difference between a traditional and market economy is thdnnakka
Traditional Economy- is an economy that is based on customs and traditions (hense Traditional Economy)
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What is difference between ancient economy and modern economy?
there was batter system in ancient periodin modern economy there is trade instead of batter system.
Is New Zealand a traditional economy?
NO. New Zealand is a modern capitalist economy.
Why does Mexico have a traditional economy?
Mexico has a mix of traditional (i.e: made by hand or with little help from automated work) and modern economy. This is the reason it is considered an emerging market.
Does Mexico have a capitalist traditional or command economy?
Mexico has a traditional capitalist economy, transitioning to a modern capitalist one -- Mexico is an Emerging Market (EM), or Newly Industrialized Country (NIC).Mexico has never been a command economy.
Can a traditional economy be unpredictable?
"Unpredictable" is an evaluation of a certain scenario panning out. As the question is phrased, no particular scenario in a traditional economy is being evaluated, some of which are completely predictable, but others which are mildly or extremely unpredictable.The organization and maintenance of trade partners under a traditional economy -- predictable. Most people in a traditional economy live in very small and localized communities. As a result, their choices for interaction are very few and easily modeled.The exchange values between commodities in a traditional economy -- mildly unpredictable. Since traditional economies are based on barter, the value of a particular good is motivated more by negotiation and the demands at the moment. For example, in a time a poor harvests, a bushel of wheat may be worth more shoes than it would be in a time of plenty. However, the price will almost never become absolutely outrageous because otherwise the shoemaker will go into his agricultural production.Agricultural and resource yields in a traditional economy -- extremely unpredictable. Since modern agricultural techniques are not used, famines are quite common. Since modern geologic surveys are not performed, the likelihood of finding metals or rare woods is very haphazard. This leads to high levels of unpredictability.
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Difference in modern and traditional techniques of managerial control?
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What is the difference between a modern beauty contest and a traditional beauty contest?
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What is difference between ancient economy and modern economy?
there was batter system in ancient periodin modern economy there is trade instead of batter system.
What is the difference between traditional and modern structures?
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What is the difference between modern methods of classification and traditional methods of classification?
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What is the difference between modern office and traditional office?
The basic difference between a traditional office and a modern one has to do with the prevelance of wood panneling and portraits of past presidents of the company. One halmark of the modern office though is the presence of a napping room.
What is the difference between traditional office and modern office?
The basic difference between a traditional office and a modern one has to do with the prevelance of wood panneling and portraits of past presidents of the company. One halmark of the modern office though is the presence of a napping room.
