LIVE LESSON: TRADITIONAL ECONOMY (RETAKE)

What is a traditional economy centered around?

• Market demand

• Individual freedom

• Innovation and change

• Elders and passing down of cultures

In a traditional economy, how are economic questions such as allocation of resources determined?

• By government officials

• By elders and past practices

• By market forces

• By individual preferences

What determines the 'what to produce' question in a traditional economy?

• Tradition and family occupation

• Innovation

• Individual choice

• Market demand

What is one of the advantages of a traditional economy?

• Less stressful and more free time

• Improved standard of living

• Uncertainty and stress

• Innovation and progress

What is one of the disadvantages of a traditional economy?

• Rejection of new ideas and individuals

• Encouragement of innovation

• Acceptance of going against the status quo

• Economic growth and higher standard of living