Traditional Economies

In a traditional economic system people usually exchange goods or services rather than use money. Which of the following is an example of this exchange process?

• charging goods on a credit card

• bartering with a seller

• paying for services by check

• using currency to pay

Economic system based on custom, traditions and the past

• Command

• Market

• Traditional 

Economy based on what their parents have always done and what their parents have always done etc etc

• command

• market

• traditional 

trading without using money is called? 

• House

• Bartering

• handoff 

What are the three basic economic systems:

• Command, Traditional, Market

• Autocracy, Democracy, Holland

• UK, Euro, Dollar

All economic decisions are based on customs and habits from the past.

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

In a traditional economy, what is the primary method of resource allocation?

• Market forces

• Government planning

• Customs and traditions

• Random selection

Which of the following is a characteristic of a traditional economy?

• Rapid technological advancement

• Centralized decision-making

• Reliance on barter system

• High level of industrialization

In a traditional economy, how are roles and jobs typically determined?

• By individual choice

• By government assignment

• By family and community customs

• By market demand

What is a common disadvantage of traditional economies?

• Lack of innovation

• Excessive government control

• High unemployment rates

• Over-reliance on technology