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How are goods produced in a traditional economy?
It get produced in factories.
In a mixed-market economic system who determines what products should be produced and how they should be produced?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
What are the effects of the Philippine topography in the economic life its people?
The area of the Philippines is a major influence in the economy. It determines who they can trade with and what foods can be produced.
What is the difference between a traditional economy and modern economy?
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
How are goods and services produced in a traditional economy?
Printing used to be a service historically
How are goods produced in a traditional economy?
It get produced in factories.
In a mixed-market economic system who determines what products should be produced and how they should be produced?
In a command economy, also known as a planned economy, the government largely determines what is produced and in what amounts. In a mixed economy both market forces and government decisions determine which goods and services are produced and how they are distributed.
What is a major aspect of a command economy?
Supply and demand determines what will be produced.
What are the effects of the Philippine topography in the economic life its people?
The area of the Philippines is a major influence in the economy. It determines who they can trade with and what foods can be produced.
Who determines what goods are produced in a market economy?
The Market(consumers... through their decisions) does it.
What is the difference between a traditional economy and modern economy?
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
How are goods and services produced in a traditional economy?
Printing used to be a service historically
Who chooses what to produce in traditional economy?
Families, Clans, or Tribes within the a traditional economy decide what goods and services will be produced. This is based off the customs and traditions that have been followed for generations in said traditional economy
Is economy part of culture?
Well technically yes. In a traditional economy, products are produced according to theway ancestors made things or in 'traditional' ways with no regard to governmental control (Command economy) or supply and demand (Market economy).
What is the principle idea that the invisible hand of competition sets prices and determines quantities produced in a market economy?
Adam Smith
How does a traditional economy answer the three basic economic questions.?
SDD- you are thinking of a market economy.In a traditional economy handcrafts, farm animals and farming crops are produced.It is produced by the family unit or in small tribes/collectives all local to the area it is consumed in.
how does a traditional economy answer the three economic questions?
SDD- you are thinking of a market economy.In a traditional economy handcrafts, farm animals and farming crops are produced.It is produced by the family unit or in small tribes/collectives all local to the area it is consumed in.
