Question
Read the paragraph below, and then decide which type of economy is being described.
In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs.
What type of economy is being described?
a traditional economy
a free market economy
a mixed-market economy
a command economy
In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs.
What type of economy is being described?
a traditional economy
a free market economy
a mixed-market economy
a command economy
Answers
GPT-4o mini
The type of economy being described is a **traditional economy**. This is characterized by reliance on agriculture, hunting, and gathering, as well as bartering instead of using currency, with little emphasis on economic growth.