Traditional Economy Quiz

In a Traditional Economy:

• The citizens have little individual freedom.

• All of the above

• People do things the way they always have.

• Is based on free trade and individual choices.

"Tradition Economy guides economic decisions such as production and distribution."

• True

• False

This country is an example of a Traditional Economy

• Turkey

• North Korea

• United States

• Mexico

In a Traditional Economy activities are:

• Centered around the needs of the government.

• Centered around the needs of people.

• All of the above

Where are you most likely to find a Traditional Economy?

• South West Asia.

• Europe

• America

• All of the above

Every Traditional Economy is...

• The same

• Different based on its region's unique customs

• Socialist

• Communist

Traditional Economies are based off of...

• Barter and trade

• Depends

• Government regulations

• The market value of products

Traditional Economies typically revolve around..

• Whatever the government wants it to

• Hunting, fishing, growing, and gathering

• Bitcoin

• The stock market

What is a disadvantage of this economy?

• very vulnerable to changes in nature especially weather.

• overproduction of goods

• more destructive to the environment

What is an advantage of a traditional economy?

• lack of producers.

• less destructive to the environment

• freedom of consumers