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Questions and Answers
What primarily guides economic decisions in a traditional economy?
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?
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?
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?
What is a potential disadvantage of a traditional economy?
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In a traditional economy, how are resources typically allocated?
In a traditional economy, how are resources typically allocated?
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