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In a traditional economy, the big choices are typically made by community leaders, elders, or families based on customs and cultural practices. Decisions regarding production, distribution, and consumption are often guided by historical precedents and social norms rather than market forces. This system relies heavily on barter and subsistence farming, with little emphasis on innovation or change. As a result, economic roles and practices are usually passed down through generations.
What else can I help you with?
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
Will the economy ever get better?
It all depends on the choices of the citizens,not so much the president.
In this type of economy all members of the family are involved in the production of food?
traditional
What type of economy has the government make all choices?
Command Economy
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.
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
How can you tell if a country is traditional in economy or command economy?
It all depends on the region
Which do people prefer economy or quality?
I can say with absolute assurance ... yes. I do not have a unifying theory about WHY some people prefer economy or quality, nor have I thought about or have an opinion about whether the choice of economy or quality would apply to ALL the choices a person makes, or whether these choices fall into "groups" of related choices. But I can say with ABSOLUTE assurance ... some people will choose economy, some will choose quality. Personally, I prefer quality, but I'm not everyone. (smile)
What are good things about traditional economy?
obviously because traditional economy shares all there goods and services which is fair and it causes no pollution
Will the economy ever get better?
It all depends on the choices of the citizens,not so much the president.
In this type of economy all members of the family are involved in the production of food?
traditional
In this type of economy all members of the family are involved in the production of food.?
traditional
What type of economy has the government make all choices?
Command Economy
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.
All of these are describing what market type of market structure?
Four types of markets are institutional, B2B, consumer, and reseller.
What type of economy best fits this description All economic decisions are based on age-old customs.?
Traditional
What are facts about traditional economy in Africa?
They have plenty of foods and they all work as a family!
