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In a traditional economy, the three economic questions—what to produce, how to produce, and for whom to produce—are typically answered by customs, traditions, and cultural practices. Decisions are often based on historical norms and community practices rather than market forces or government directives. Families and local communities play a significant role in determining production methods and distribution, ensuring that economic activities align with their collective values and needs.
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Which economy answers the three basic economic questions with the phrase Do as you have always done?
traditional
What is an economy that answers its basic economic questions by doing things the way they always have been done called?
A.) Traditional economy. :3
In what type of economy are the basic economic questions answered as you have always done?
traditional > <
Who answers the key economic questions in a centrally planned economy.?
the government
What type of economy answers the three basic economic questions?
3 types of economic system
Which economy answers the three basic economic questions with the phrase Do as you have always done?
traditional
Who answers the three economic questions in a command economy?
The government answers the three economic questions in a command economy.
What is an economy that answers its basic economic questions by doing things the way they always have been done called?
A.) Traditional economy. :3
Who answers the three economic questions in command economy?
government
In what type of economy are the basic economic questions answered as you have always done?
traditional > <
Who answers the key economic questions in a centrally planned economy.?
the government
What type of economy answers the three basic economic questions?
3 types of economic system
An economy that answers its basic economic questions by doing things the way that they always have been doe is called a?
An economy that answers its basic economic questions by relying on traditional methods and longstanding practices is called a traditional economy. In this system, economic decisions are based on customs, beliefs, and historical precedent, with little emphasis on innovation or change. Often, these economies are found in rural or underdeveloped areas where communities prioritize subsistence and cultural continuity over market-driven approaches.
How does a traditional economy differ from a capitalist economy?
In a capitalist system, the government answers the three basic questions.
What economy answers the three basic economic question with the phrase do as we have always done?
traditional
What economy answers the three basic economic question the phrase do as we have always done?
traditional
Which economy answers the three basic economic questions with the phrase Do as we have always done?
Market
