Which Of The Following Relies On Habit Custom Or Ritual? (Perfect answer)

Ch 2 Econ Terms

A B
traditional economy economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
market economy economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets.

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What relies on habit custom and ritual?

A traditional system relies on habit, custom or ritual to decide what to produce, how to produce it and to who to distribute it.

What type of economic system relies on custom and tradition?

A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. They use barter instead of money.

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What are the 3 economic questions that must be answered?

Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed? There are two extremes of how these questions get answered.

How does a command economy answer the 3 questions?

We will briefly describe each of these three types. In a command economy, what goods and services are produced, how they are produced, and for whom they are produced are all questions answered by government planning. The government makes economic decisions for the good of society.

What economic system is based on ritual customs or habits?

A traditional economic system is based on customs, history and time-honored beliefs. A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution.

When economic decisions are made by habit and custom this is called?

System: Traditional An economic system in which decisions are all made on the basis of customs, beliefs, religion, and habits.

What kind of economic system is based on customs beliefs religion and habits?

A traditional economic system is based on customs, history and time-honored beliefs. A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution.

What 3 basic questions must every society answer and why?

What are the three economic questions every society must answer? What goods and services should be produced? How should they be made? Who consumes these goods and services?

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What are the 3 basic economic problems of the society?

Ans. – The three basic economic problems are regarding the allocation of the resources. These are what to produce, how to produce, and for whom to produce.

What are the three basic economic questions all societies must answer quizlet?

What are the three basic economic questions all societies must answer? What goods and services should be produced, how should they be produced, and who will consume them? who consumes goods and services.

What are the 2 answers to the 3 economic questions?

Although every society answers the three basic economic questions differently, in doing so, each confronts the same fundamental problems: resource allocation and scarcity. What It Means

  • What should we produce?
  • How should we produce it?
  • For whom should we produce it?

Who answers the 3 economic questions in a traditional economy?

In a Centrally planned economy, also known as a command economy, the central government controls the factors of production and answers the three basic economic questions for all of society.

What are the 3 main questions in economics briefly explain each of them with examples?

Because of scarcity every society or economic system must answer these three (3) basic questions:

  • What to produce? ➢ What should be produced in a world with limited resources?
  • How to produce? ➢ What resources should be used?
  • Who consumes what is produced? ➢ Who acquires the product?

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