QUESTION IMAGE
Question
in a traditional economy, decisions about which goods are produced are based on:
a. what the government decides is important for society
b. what goods are most likely to sell in international markets.
c. what businesses believe will generate the most profits.
d. what the local community has made for generations.
In a traditional economy, production is based on long - standing customs and traditions of the local community. Goods produced are those that have been made by the community for generations. Government - determined importance for society is more related to a command economy. Goods for international markets and profit - generating goods are more relevant to market economies.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
D. what the local community has made for generations