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In a traditional economy, the decision to make certain products is decided by the people, but designed around traditions, customs, and beliefs.
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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
What is the difference between a traditional and market economy?
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.
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
Who makes the decisions in a free enterprise economy?
...
How are economic decisions made in a traditional economy?
they are made by custom and habit
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
Types of economies?
TRADITIONAL ECONOMY decisions of what,how,for whom are determined by customs ,habits and rituals of the ancestors.people are not free to make decisions as t hey abide by the layd out customs. command economy where a central authority makes most of the decisions ie what,how and for whom decisions e.g the soviet union countries.market economy where by people &firms make for what,how &for whom decisions.
What is the difference between traditional economy and market economy?
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.
What is the difference between a traditional and market economy?
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.
Who owns the factors of productiom and makes economic decisions in a market economy?
Individuals own the factors of production and make economic decisions in a market economy. This is in contrast to a command economy, where the government makes those decisions.
Who makes the decisions in a free enterprise economy?
...
How are economic decisions made in a traditional economy?
they are made by custom and habit
How are economic decisions made in traditional economy?
they are made by custom and habit
Who make the decisions in a command economy?
In a command economy government planners make the decisions and in a market the decisions are made by individuals.
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.
An economy in which only the government makes economic decisions is a?
Centrally Planned Economy
Who makes decisions in a mixed economy?
well i do SO DO I
