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They follow cultural customs They don't change over a long period of time (like they don't have TVs Basic technology's--like simple tools Use minim resources They may not even use money and instead barter or trade. Kin ship ( i guess) Everyone has a certain role No money earnt People use only what they need.
Some characteristics of a traditional economy are:
1. Goes by religious beliefs and history.
2. Do not change a lot
3. Basic technologies
4. Use minimum technologies
5. Barter/Trade
6. Everyone has a certain role
7. People only use/supply what they need most of the time
8. Large relation to poverty
9. Under developed
The traditional economy is usually built around subsistence agriculture. Additionally, each person has something to do- no unemployment. Lastly, there is self-sufficiency in that what you make you consume, meaning less demand on some goods.
the main features of a traditional economy are the drake- line profit condition and burnfc99 constitution and all others..
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What are the features of a mixed economy?
A mixed economy features a "mix" of features from traditional economies, market economies, AND command economies--usually the most advantageous features from each. For example, most mixed economies borrow three of the most advantageous characteristics of a market economy: pricing, private property, and individual self-interest. The United States is one example of a mixed economy.
What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
Habit and custom determine economic activities in a?
Traditional Economy
What is a good word sentence using the word traditional economy?
china is not a traditional economy now. It has emerged as mix economy.
What are the three types of economy?
Command economy, market economy, and traditional economy. The United States of America is a Market economy.
What are the features of a mixed economy?
A mixed economy features a "mix" of features from traditional economies, market economies, AND command economies--usually the most advantageous features from each. For example, most mixed economies borrow three of the most advantageous characteristics of a market economy: pricing, private property, and individual self-interest. The United States is one example of a mixed economy.
What are the features of traditional management?
What are the features of traditional management
What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
Habit and custom determine economic activities in a?
Traditional Economy
What is a good word sentence using the word traditional economy?
china is not a traditional economy now. It has emerged as mix economy.
What are the three types of economy?
Command economy, market economy, and traditional economy. The United States of America is a Market economy.
When did traditional economy start?
Traditional economy has been around since the dawn of man!!!!
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
What type of economy does the honduras's have?
A traditional economy.
What is the type of economy for Bahrain?
traditional economy
What country uses a traditional system of economy?
The country that uses the traditional economy system is Cuba
Traditional economy in a sentence?
the traditional economy gain more money because of the products they sold
