Question

________ is an economy in which the allocation of scarce resources and other economic activity is the result of ritual

Answer 1

Answer: Traditional economy

Explanation:

In a traditional economy the use of scarce resources and nearly all other economic activity results from ritual, habit, or custom. Individuals are generally not free to make decisions on the basis of what they want or would like to have. They are normally ruled by elders or leaders with sufficient expertise to judge and decide about economic policies or decisions, mostly concerned with proper distribution of goods. Habit and custom also dictate most social behavior. A given community or group of people engage in different activities individually to produce goods or services that are required by the rest of the group.a society with a traditional economy, Instead, their roles are defined by the customs of their elders and ancestors.