What is the goal of a traditional economy?

What is the goal of a traditional economy?

This economy relies on tradition and culture to choose what goods and services will be produced, how those goods and services will be produced, and how those goods and services will be distributed throughout the populace.

What is the main incentive for using a command economy a profit stability progress economic equality?

economic equality. Economic equality, is the main incentive for using a command economy. Economic equality, is the main incentive for using a command economy. This answer has been confirmed as correct and helpful.

What do traditional economies produce?

produced in a traditional economy is the tribe or family group. government planning groups make the basic economic decisions for the workers. what goods and services will be produced, what wages will be paid to workers, what jobs the workers do, as well as the prices of goods.

What is the meaning of traditional economy?

A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Most traditional economies operate in emerging markets and developing countries. They are often in Africa, Asia, Latin America, and the Middle East.

Who decides what to produce in a planned economy?

The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.

What is command economic system?

Command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.

What is the difference between command and market economy?

In a command economy, macroeconomic and political considerations determine resource allocation, whereas, in a market economy, the profits and losses of individuals and firms determine resource allocation. Command economies are concerned with providing basic necessities and opportunities to all members.

How does a command economy affect citizens?

Command economies can prevent abuse of monopoly power. Command economies can prevent mass unemployment, often a feature of capitalist economies. Command economies could produce goods which benefit society and ensure everyone has access to basic necessities.

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