Which Best Describes a Traditional Economy Answers.com

The quantity supplied increases from 7 million to 10 million. Rice wheat cotton tea jute.

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. When the house takes a cut of each dollar bet the bet is. Cbecome better decision makers. Pros of a traditional economy.

In a traditional economy decisions are based solely on supply and demand. Helpful 0 Not Helpful 0. Economic decisions are based on customs.

Which statement best describes the communist ideal. The term may also be used. Colonialism is a political economic and social system in which one group of people the core or dominant group controls the political and economic lives of another group of people the peripheral or.

Which best describes a traditional economy. Which of these best describes the. The basic economic questions are answered by the customs of the past.

Agriculture drives the economy. For example 5000 years ago before European settl. A small close community that avoids change and new technology a large widespread community that welcomes change and new technology a small close community that welcomes change and new technology a large widespread community that is able to deal effectively with environmental.

Cbecome better decision makers. How are economic transactions shaped in a traditional economy. An economy where money and markets play a small part but norms and values what economists call institutions frame economic decision making about the production and distributions of goods and services.

Bincrease our consumption of consumer goods. Start studying traditional economy. -Mixed economy traditional and market-60 of Indias workforce are farmers-25 of Indias GDP is from farming-1 telecommunications service industry-More than 800 movies are made in India each year-EXPORTS.

What is a traditional economy. 100 2 ratings Dear Traditional economy is a catching-all term normally used to describe economic systems that pertain in societies with extensive subsistence agriculture. Everyone has a defined role practices and policies are well defined for production distribution reliable.

Which statement best describes the difference between a market economy and a traditional economy. Adescribe our standard of living. In a market economy decisions are based on custom.

Learn vocabulary terms and more with flashcards games and other study tools. See answer 1 Best Answer. To pay the bills the study of economics is important because it enables us to.

See answer 1 Best Answer. Ddetermine what goods ought to be produced.

What Is A Traditional Economy Definition And Examples

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What Is A Traditional Economy Definition And Examples

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