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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.
Individuals decide what to produce and how to product it.
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
Kazakhstan has a Traditional economy
A traditional economy is based on an established economy that has proven successful in the past. Resources are allocated by inheritance. There is no waste of resources and roles are well defined. A huge disadvantage, however, is a resistance to change.
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 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.
Individuals decide what to produce and how to product it.
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
Kazakhstan has a Traditional economy
A traditional economy is an economic system where decisions are based on customs, beliefs, or religion within a social community. People work together to produce goods to meet their needs, and share with family. They trade with their community/family with their excess.
A traditional economy is based on an established economy that has proven successful in the past. Resources are allocated by inheritance. There is no waste of resources and roles are well defined. A huge disadvantage, however, is a resistance to change.
Traditional Economy
china is not a traditional economy now. It has emerged as mix economy.
Command economy, market economy, and traditional economy. The United States of America is a Market economy.
Traditional economy has been around since the dawn of man!!!!
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.