Question

Which kind of economy usually lacks technology? A) socialist B) traditional C) command D) market

Answer 1

Answer:

B) traditional

Explanation:

The traditional economy type is an economy type that is not very fond of implementing changes, but instead it holds firmly to the old ways, the ones that are well known and work for sure. Because of the lack of risk and experimenting, this economy type is much more backward than the other economy types, as its reluctance for change also means that it lacks technology, and the technology is crucial for the economic development. While in the other economic types, the technology is the main power, in the traditional economy type there's still bartering in existence.