Question

Producers and consumers own the factors of production • Custom and habit answer the question of who, what and how to produce • Outside trade and commerce is discouraged • Roles within the community are defined by custom and gender . What type of economic system is described? A) Command B) Market C) Mixed D) Traditional

Answer 1

Answer:

D) Traditional

Explanation:

A 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.

Answer 2

If Producers and consumers own the factors of production, this is a market economy, but roles within the community are defined by custom and gender, this would be a mixed economy.