Advantages of a traditional economy
[DOC File]Economic Systems Unit Plan.doc.docx
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Traditional Economy Command Economy Free Market Economy Mixed Economy. Who decides . what. goods and services will be provided? Who decides . how. the goods and services will be produced? Who decides . who . should share in the use of the goods and services? Who owns the factors of production? Advantages . of this type of system? 1. 1. 1. 1. 2 ...
[DOC File]Economic Systems – Comparison Chart
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traditional economy is an economy that the consumers and producers own the factors of production, but custom and habit answer the three questions. Most roles within the economy are determined by gender and custom. Traditional economies are successful if all needs are met within the community.
19 Advantages and Disadvantages of a Traditional Economy - Bran…
Traditional Economy. What is a traditional economy? ... What are the advantages to a market economy? A free market economy has efficient resource distribution, its main advantage. In a market economy, people can own property and resources. The market economy in the United States is not completely free: companies cannot form monopolies (only one ...
[DOC File]Example of Market economy some say it is U
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Answers will vary: Traditional, Market, Command, Mixed. 4. What is the free market? Identify the advantages of a free market economy. 4. An . e. conomic systems that are based on voluntary exchanges markets. In a . free market . economy, individuals and businesses use markets to exchange money and products.
[DOC File]DOT - QX
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Advantages Disadvantages Traditional economy Certainty – roles all predetermined. Stability and safety – social net Low standard of living. Little innovation = vulnerable to external shocks M. arket economy Encourages innovation and growth. Relatively high efficiency. High degree of freedom and choice Unequal distribution of benefits (poverty)
[DOCX File]Types of Economy- Mobile Classroom.docx
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Traditional Economy Advantages. Everyone knows his or her place. Everyone feels a sense of belonging. Everyone knows what is expected and how to behave. Disadvantages. There is no change, no progress, and no advancement. Is the United States a pure Market System? Does it operate without any type of government intervention? We have a MIXED ECONOMY!
[DOC File]Economics
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Traditional Economy. Definition: An economy based on tradition passed down from one generation to the next. Basically: Whatever the parents did, the children will do also. Most times, this is a primitive type of economy based on farming. Example: An African tribe in Malawi has been farming in the same style for hundreds of generations.
[DOC File]Traditional Economy - Calendar
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Characteristics of a Traditional Economy. Advantages: It clearly _____ the three economic questions; Produces what is best to ensure the _____of the society with little disagreement over goals and roles. Disadvantages: Resistant to _____, less _____ than other economies, often no personal preference about role they play or use of _____ of the ...
[DOC File]Economics Midterm Review Sheet - EddY's brain
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A traditional economy is characterized by the _____ of goods in which two people trade their possessions with each other. Traditional economies do not use _____ as a medium for trade. Money allows _____ and producers to connect with each other much more _____ than bartering. ...
[DOCX File]Effingham County Schools / Overview
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Traditional Economy: an economic system that is based on what has been done in the past. Command Economy: an economic system in which the government usually decides what to produce, how to produce it, and who will consume it. Mixed Economy: an economic system that is a combination of the different economic systems. 1
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