How are traditional and market economies the same

Question

asked Jan 14, 2022 10.3k views

2 Answers

Danlee · Answer 1 · 2022-01-16T00:04:17+0000

A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. ... 2 A market economy is a system where the laws of supply and demand direct the production of goods and services.

Merilee · Answer 2 · 2022-01-19T13:41:21+0000

Answer:

There are several similarities: Neither economy is based on "market forces" as we understand them today.... In a traditional economy, culture determines that only certain kinds of goods can be produced; in a command economy, the centralized authority determines production.

How are traditional and market economies the same

Please log in or register to add a comment.

Please log in or register to answer this question.

2 Answers

Please log in or register to add a comment.

There are several similarities: Neither economy is based on "market forces" as we understand them today.... In a traditional economy, culture determines that only certain kinds of goods can be produced; in a command economy, the centralized authority determines production.

Please log in or register to add a comment.

No related questions found

Categories

Other Questions