Is an economic system in which major economic decisions are based on custom or habit?
|economic system||An organized way of providing for the wants and needs of a society|
|traditional economy||Economic System in which basic economic activity stems from ritual, habit, or custom|
|command economy||Economic System in which basic economic decisions are made by a central authority|
What is an economic system in which decisions are all made on the basis of customs beliefs religion and habits?
A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution. Countries that use this type of economic system are often rural and farm-based.
What kind of economy is based on cultures and customs?
A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. They use barter instead of money.
What is produced is based on custom and the habit of how such decisions were made in the past?
System: Traditional The customs and habits of the past are used to decide what and how goods will be, distributed, and consumed. Within this system, each member of society knows in early life what her or his role will be because jobs are handed down from generation to generation.
Which city is the most developed in Africa?
What is the cleanest in Africa?
Rwanda’s government has taken several measures to ensure its cleanliness, such as banning non-biodegradable plastic bags and introducing cleaning campaigns. All these measures by the government have made Rwanda the cleanest country in Africa.
Is West Africa rich or poor?
Africa is a resource-rich continent. Recent growth has been due to growth in sales in commodities, services, and manufacturing. West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.