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What type of economy best fits this description All economic decisions are based on age-old customs.?
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∙ 7y ago
Traditional
Wiki User
∙ 9y ago
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What type of economy is it where all economic decisions are based on age-old customs?
A traditional economy is where all economic decisions are based on age-old customs.
Economic decisions based on customs or beliefs are found in a?
Market economy
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
What is the difference between a traditional 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.
In which type of economy are almost all economic decisions based on age-old traditions customs and beliefs with families working together for survival?
Traditional
What type of economy is it where all economic decisions are based on age-old customs?
A traditional economy is where all economic decisions are based on age-old customs.
Economic decisions based on customs or beliefs are found in a?
Market economy
What is the best description of a traditional economy?
The basic economic questions are answered by the customs of the past.
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
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 is the difference between a traditional 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.
Which factor plays the biggest role in motivating economic decisions in a traditional economy?
commitment to maintaining long-standing customs
Which type of economy are almost all economic decisions based on age-old traditions customs and beliefs with families working together for survival?
Traditional
In which type of economy are almost all economic decisions based on age-old traditions customs and beliefs with families working together for survival?
Traditional
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
Types of economies?
TRADITIONAL ECONOMY decisions of what,how,for whom are determined by customs ,habits and rituals of the ancestors.people are not free to make decisions as t hey abide by the layd out customs. command economy where a central authority makes most of the decisions ie what,how and for whom decisions e.g the soviet union countries.market economy where by people &firms make for what,how &for whom decisions.
An economy in which only the government makes economic decisions is a?
Centrally Planned Economy
