Traditional Economy Overview
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Questions and Answers

What primarily guides economic decisions in a traditional economy?

  • Customs and historical beliefs (correct)
  • Market competition and profits
  • Technological advancements
  • Global economic trends

    • Which of the following characteristics is NOT associated with a traditional economy?

  • Use of modern technology (correct)
  • Emphasis on community cooperation
  • Limited change over time
  • Reliance on historical practices

    • How does a traditional economy typically handle production?

  • Using a free-market approach
  • Through centralized government planning
  • Via the influence of multinational corporations
  • By following customary practices (correct)

    • What is a potential disadvantage of a traditional economy?

    <p>Resistance to change and innovation</p> Signup and view all the answers

    In a traditional economy, how are resources typically allocated?

    <p>According to historical customs and usage</p> Signup and view all the answers

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