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Vikki [24]
3 years ago
5

What is a traditional economy

Business
2 answers:
statuscvo [17]3 years ago
8 0
A traditional economy is<span> an original economic system where traditions, customs, and beliefs shape the goods and services the economy produces, and also the the rules and manner of their distribution.</span>
stellarik [79]3 years ago
5 0

xThe answer about the Traditional Economy is explained below.

Explanation:

A traditional economy is an economic system in which traditions, customs and beliefs are very important. These customs, traditions and beliefs make the system and shape the goods and services that the economy produces.

The rules and manner of the distribution of the goods and services are also defined or shaped by such customs, traditions and beliefs.

The economic decisions are generally based on families, clans, tribes or communities in this type of economic system.

This type of system is usually rural and farm based.

In such type of systems, there is a very little change over time. Traditional economies try to stick with their base and traditions and do not change much over time.

Learn more about Traditional Economy at:

brainly.com/question/12487698

#LearnWithBrainly

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Assume an annual interest rate of 8%. You have $1. What is the value of the $1 one year in the future
seropon [69]

Answer:

the future value is $1.08

Explanation:

The computation of the future value is shown below:

As we know that

Future value = Present value × (1 + rate of interest)^number of years

= $1 × (1 + 0.08)^1

= $1 × 1.08

= $1.08

Hence, the future value is $1.08

3 0
2 years ago
If the marginal product of labor is increasing, the marginal cost of output must be
SVETLANKA909090 [29]
Your answer would be, If the Marginal Product of labor increases/rises, The Marginal Cost of Output FALLS.



If the Marginal Product of labor Falls, The Marginal Cost of Output RISES.



Hope that helps!!!
4 0
3 years ago
Generally, when business startup costs exceed the maximum amount allowed, the remaining costs may be amortized over_____ months.
irina1246 [14]

Answer:

The correct answer is letter "B": 180.

Explanation:

During the first year a business operates, companies can elect to deduct up to $5,000 from their costs. If the costs are higher than $50,000, the deduction of $5,000 will be reduced by the exceeding amount. However, that exceeding amount can be amortized for up to 15 years (180 months).

8 0
3 years ago
Consider the following data: currency (held outside banks) = $354 billion, checkable deposits = $250 billion, traveler's checks
Agata [3.3K]

Answer:

a). M1=$808 billion

b). M2=1,068 billion

Explanation:

M1 is the money supply that is the most liquid and is or can be easily converted into cash. The formula for calculating M1 is;

M1=C+D+T+S

where;

M1=money supply

C=currency held outside banks

D=checkable deposits

T=traveler's checks

S=small-denomination time deposits

In our case;

M1=unknown

C=$354 billion

D=$250 billion

T=$4 billion

S=$200 billion

replacing;

M1=(354+250+4+200)=$808 billion

M1=$808 billion

M2 includes elements of M1 and additional  money supply that are near liquid. The formula is;

M2=M1+savings deposit+mutual funds

where;

M1=$808 billion

savings=$100 billion

retail money market mutual funds=$160

replacing;

M2=(808+100+160)=1,068 billion

M2=1,068 billion

5 0
3 years ago
Erie company has 500 units of capacity for their traditional product, Emu, and buys one point of automation. If Erie company’s c
11111nata11111 [884]

Answer: 2 years

Explanation:

The payback period is the amount of time that is needed for the required cash inflow of a project to offset the initial cash outflow that the business offsets. The payback period is when the initial outlay of an investment is recovered. There are two different methods used to calculate payback period. We have the average method and the subtraction method.

In the above question, the payback period is solved as follows:

Labour cost decreases by 10% for each unit.

Therefore,

= $10 × 10%

= $10 × 0.1

= $1 per unit.

In order to recover $2000, the business needs to sell the following;

= 2000/1

= 2000units.

If Eric sells 1000 units per year of Emu, it will take:

2000/1000= 2years

In conclusion, the payback period of the investment is 2 years.

8 0
3 years ago
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