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Why it may be more difficult to bring more change in a traditional economic system than in a market economy.?
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How market traditional and command economy adapt to change?
A traditional and command economy adapt slowly, a market economy adapts fast.
Which of these is not true of a traditional economy?
people in traditional econmies accept change easily
What is the definition of economic changes?
change in the economy
Which economic system can change direction quickly and drastically?
It is the command economy.
What is traditional economy?
people in traditional economies accept change easilyA traditional economy is a very underdeveloped economy that often depends on agriculture as its main base. Perhaps hearkening back to its agrarian roots, a traditional economy is also known as a subsistence economy.In order to fully understand a traditional economy, it is necessary to first define the three main economic systems. Market economies are so called because prices are determined by market prices. In command economies, prices and supplies are determined by the government. In traditional economies, there may be no prices whatsoever.A traditional economy is a system where traditions, customs and belief systems determine its operation. In that state, this type of economic system may go unchanged for quite some time. Once this economy does begin to change, it usually morphs into one of the other systems mentioned previously.One of the unfortunate hallmarks of a traditional economy is its relation to poverty. Indeed, most of those inside of such a system find themselves mired in poverty their entire lives. This is significant. In his book titled Capitalism at the Crossroads, Stuart L. Hart notes that 4 billion people may be trapped in traditional economies.While there may be no nation on Earth today that has a purely traditional economy, the sheer number of the world's population in such economic systems indicates there are wide swaths of the world population in "sub-economies," primarily in the Third World.Though these economies may not be the official standard for the country, they do tend to keep any available wealth in the hands of a very few. In many cases, a traditional economy may have no official currency whatsoever. The economy works through bartering and trading, and there is very little of that because so little surplus is produced. In traditional economies, most produce only enough to keep their families alive. Any surplus in a traditional economy may go to a landowner or ruling authority.The businesses make the decisions.
How market traditional and command economy adapt to change?
A traditional and command economy adapt slowly, a market economy adapts fast.
Which of these is not true of a traditional economy?
people in traditional econmies accept change easily
What is the definition of economic changes?
change in the economy
Which economic system can change direction quickly and drastically?
It is the command economy.
What is traditional economy?
people in traditional economies accept change easilyA traditional economy is a very underdeveloped economy that often depends on agriculture as its main base. Perhaps hearkening back to its agrarian roots, a traditional economy is also known as a subsistence economy.In order to fully understand a traditional economy, it is necessary to first define the three main economic systems. Market economies are so called because prices are determined by market prices. In command economies, prices and supplies are determined by the government. In traditional economies, there may be no prices whatsoever.A traditional economy is a system where traditions, customs and belief systems determine its operation. In that state, this type of economic system may go unchanged for quite some time. Once this economy does begin to change, it usually morphs into one of the other systems mentioned previously.One of the unfortunate hallmarks of a traditional economy is its relation to poverty. Indeed, most of those inside of such a system find themselves mired in poverty their entire lives. This is significant. In his book titled Capitalism at the Crossroads, Stuart L. Hart notes that 4 billion people may be trapped in traditional economies.While there may be no nation on Earth today that has a purely traditional economy, the sheer number of the world's population in such economic systems indicates there are wide swaths of the world population in "sub-economies," primarily in the Third World.Though these economies may not be the official standard for the country, they do tend to keep any available wealth in the hands of a very few. In many cases, a traditional economy may have no official currency whatsoever. The economy works through bartering and trading, and there is very little of that because so little surplus is produced. In traditional economies, most produce only enough to keep their families alive. Any surplus in a traditional economy may go to a landowner or ruling authority.The businesses make the decisions.
What economic system is characterized by the least change?
I think it's the command economy.
How can you best describes 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.
What are the advantages of traditional economy system?
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.
Which description most accurately describes the input output model?
This model is used to estimate economic effects that an initial change in economic activity has on a regional economy.
Why is economic equity difficult to achieve in free market economy?
Because, there is more than one owned corporation or business which amounts owed on its mortgages, claims, liens, etc can affect the achievement by the desire and constant change of the consumer's wants.
Why is economic equity difficult to achieve in a free market economy?
Because, there is more than one owned corporation or business which amounts owed on its mortgages, claims, liens, etc can affect the achievement by the desire and constant change of the consumer's wants.
How would you define a lagging economic indicator?
The lagging indicators change direction after the overall economy has moved, while coincident indicators move in tandem with the aggregate economic activity.
