An economy based on cultural and traditional values is common among isolated and developing regions of the world and is typically referred to as what kind of economy?

Question

A. backward
B. command
C. traditional
D. vertical

Answer 1

The correct answer is C. traditional.

A traditional economy is one that is based on cultural and social customs, often involving subsistence farming, barter, and the sharing of resources within a community. This type of economy is commonly found in isolated and developing regions.