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An underdeveloped economy in which communities use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth. Traditional economies are often found in rural regions with high levels of subsistence farming. Countries that evolve their economies past the traditional level often develop into market economies or command economies.
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What are the 4 main types of economic systems?
the 4 main types of economic systems are: a market economy, a mixed economy, a planed economy, and a traditional economy
Describe the main strength and weakness of a traditional economy?
A traditional economy is an economy based on custom and tradition.The main strength is each person has job. There is less crime. There is no over consumption and surplus.The main weakness is they are poor. There is no innovation or it is not valued.
What are three main types of economics?
The three main types of economics are traditional economy, command economy (AKA planed or directed economy)& free enterprise economy (AKA private capitalism or the market economy)
What are the main features or characteristics of Rural Economy in India?
The main features or characteristics of rural economy in India include low per capita income, poor distribution of income and resources and so much more. These features are as a result of the poverty levels in the rural areas.
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 two main types of economy?
The two main types of economy are Command and Traditional.
What are the 4 main types of economic systems?
the 4 main types of economic systems are: a market economy, a mixed economy, a planed economy, and a traditional economy
Describe the main strength and weakness of a traditional economy?
A traditional economy is an economy based on custom and tradition.The main strength is each person has job. There is less crime. There is no over consumption and surplus.The main weakness is they are poor. There is no innovation or it is not valued.
What are three main types of economics?
The three main types of economics are traditional economy, command economy (AKA planed or directed economy)& free enterprise economy (AKA private capitalism or the market economy)
What are the main features or characteristics of Rural Economy in India?
The main features or characteristics of rural economy in India include low per capita income, poor distribution of income and resources and so much more. These features are as a result of the poverty levels in the rural areas.
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 Main features of industrial policy resolution 1948?
India opted for mixed economy in this policy.
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.
