In which type of economy are the basic economic questions, "what goods to produce and how to produce them decided based on custo

Question

Alexeev081 [22]

2 years ago

12

In which type of economy are the basic economic questions, "what goods to produce and how to produce them decided based on custo

ms passed down from previous generations?"

Social Studies

1 answer:

KonstantinChe [14] · Answer 1 · 2022-09-03T12:58:02+03:00

Answer:

Traditional economy

Explanation:

The type of economy are the basic economic questions, "what goods to produce and how to produce them decided based on customs passed down from previous generations" is known as Traditional economy.

Traditional economy is an economic system in which traditions, customs, and beliefs help formulate the products and services that are produced by the economy, as well as the rules and manner of their distribution. Rural and farm based countries tend to use this kind of economic systems.