Which of the following would be an advantage of a traditional economy? They are resistant to natural disasters. Everyone has an important role in society. They are heavily resistant to developed economies. Individuals have many opportunities to change their professions and improve their economic lot.
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They are resistant to natural disasters.
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Everyone has an important role in society.
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They are heavily resistant to developed economies.
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Individuals have many opportunities to change their professions and improve their economic lot.
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- Select the statement that accurately describes traditional economies. Traditional economies determine what goods are produced through customs, traditions, and beliefs. Traditional economies are based strictly on agriculture. In a traditional economy, the government controls what goods and services are produced. There are no longer any societies that use a traditional economy.What are the characteristics of a traditional economy?Describe an innovation in technology, business, orculture that had a major economic impact in yourlifetime.
- What are the best institutions for achieving economic goals?An economic system that is based on customs, skills, and cultural beliefs is Traditional True or falseThe government should impede the pace of innovation, which is tearing apart the social fabric of the country. While some get rich from newfangled ideas, others watch bitterly as their livelihoods are destroyed. Refute this statement
- Prices and wages help coordinate economic activities. Why?In the US, we have a mixed economy. You can find several examples of a market capitalist economy, a command economy, and a traditional economy. Think about this as it applies to your life. Come up with an example of each and share them with your classmates.A disadvantage of a traditional economic system is