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How does a traditional economy decide “what to produce?”

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User Andreasl
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1 Answer

6 votes

Answer:

Traditional economies rely on habit, custom, or ritual to decide what to produce

Step-by-step explanation:

Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it. ... In a market economy economic decisions are made by individuals and are based on exchange, or trade.

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User Tamis
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