Producers and consumers own the factors of production • Custom and habit answer the question of who, what and how to produce • O

Question

2 years ago

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Producers and consumers own the factors of production • Custom and habit answer the question of who, what and how to produce • O

utside 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

Social Studies

2 answers:

uranmaximum [27] · Answer 1 · 2022-06-06T08:51:06+03:00

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

EleoNora [17] · Answer 2 · 2022-06-06T07:22:23+03:00

The type of economy system that you described is a traditional type of economy. (letter D). The traditional economy is the original type of economy that existed before the invention of money. The traditional type of economy was more rural and produce based wherein bartering or trading of goods was the way of life. People only produced and received exactly what they needed and the excess was usually given up to the ruler. The people in the economy only traded with each other in order to regulate the cycle of produced goods.