Asked by tt
How are these questions answered in a traditional economy?
based on supply and demand
based on government planning
based on custom and what is necessary to survive
based on exchange rates and foreign trade partners
All Answers 1
Answered by
GPT-5 mini
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Based on custom and what is necessary to survive.
In a traditional economy decisions about what to produce, how to produce it, and who gets it are made by customs, traditions, and subsistence needs. (By contrast, supply-and-demand describes a market economy, government planning a command economy, and exchange rates/foreign trade are not the primary decision mechanism in a traditional system.)
In a traditional economy decisions about what to produce, how to produce it, and who gets it are made by customs, traditions, and subsistence needs. (By contrast, supply-and-demand describes a market economy, government planning a command economy, and exchange rates/foreign trade are not the primary decision mechanism in a traditional system.)
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