Answer:
There is little cooperation, relative to other economies.
The participants in the economy are slow to adopt new beneficial technologies due to previous customs.
Occupational choices can be restricted.
Explanation:
<em>Traditional economies</em> are old economy types that rely mainly on barter as a a mean of exchange. Their customs and tradition hinder changes related to technology, showing high resistance to change. Since economy is mainly based in the primary economy sector, occupational choices are usually limited for inhabitants.
There is the absence of international trade, as barter is the reigning exchange method done only inside the country.
Answer: Nominal GDP values production at current prices, whereas real GDP values production at constant prices.
Explanation;
Nominal GDP calculates the total output in the Economy based on the current prices of commodity which means that it will include inflation.
Real GDP on the other hand removes the effect of inflation by basing the GDP on the prices in a base year which is not usually the current year thereby eliminating the effect of inflation and using constant pricing. Real GDP is therefore better for comparison over the years.
For a monopolist facing this demand curve, the profit-maximizing quantity is 50 and the profit-maximizing price is $2.
The curve is a payment card that aggregates multiple payment cards via a companion mobile app, allowing users to pay and withdraw from one card. You can 'change the bank card you paid with after each transaction is completed.
The curve allows you to change the card used for a particular purchase 30 days after purchase. This is useful if you accidentally use the wrong card or need to manage your credit limit.
In a simple closed curve, the shape is closed by lines or curves. Triangles, squares, circles, etc. are examples of closed curves. A curve that has the same start and end points and does not intersect is called a simple closed curve. A circle is a simple closed curve.
Learn more about curves here
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is a person who benefits from something without expending effort or paying for it.
