Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate?

Question

traditional economy

command economy

false economy

centrally planned economy

Answer 1

The family you described participates in a traditional economy. In a traditional economy, economic activities are based on customs, beliefs, and traditions, often revolving around agriculture and family roles, where children typically follow the same occupations as their parents.