traditional
A.) Traditional economy. :3
traditional > <
the government
3 types of economic system
traditional
The government answers the three economic questions in a command economy.
A.) Traditional economy. :3
government
traditional > <
the government
3 types of economic system
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.
In a capitalist system, the government answers the three basic questions.
traditional
traditional
Market