Question

Which of the following statements is true of a traditional economy?A) People produce a variety of goods for local, regional, and global trade. B) People produce and consume only the goods they need. C) People produce goods according to the dictate of government. D) People produce goods in order to make a profit.

Answer 1

The one that is true of a traditional economy is : B. People produce and consume only the goods they need

In traditional economy, people still haven't been introduced to the concept of money. So all of their day to day activities such as hunting, farming, wood chopping, etc are all being done to feed their own

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