Some Inuit tribes in northern Canada use bartering to trade and practice which type of economy?
(1 point)
Responses
Free Market
Free Market
Mixed
Mixed
Command
Command
Traditional
Traditional
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Traditional
The Inuit tribes in northern Canada use bartering to trade and practice a traditional economy.
The Inuit tribes in northern Canada practice a traditional type of economy, which involves bartering or trading goods and services. To determine the type of economy, it is important to understand the different economic systems:
1. Free Market Economy: In a free market economy, resources are privately owned, and economic decisions are primarily made by individuals and businesses. Prices are determined by supply and demand, and there is minimal government intervention. The use of bartering is not typically associated with a free market economy as it relies more on currency and the exchange of goods for money.
2. Mixed Economy: A mixed economy combines elements of both a free market economy and government intervention. In this system, individuals, businesses, and the government all play a role in economic decision making. While bartering may still occur in a mixed economy, it is not the primary mode of exchange.
3. Command Economy: In a command economy, decisions about production, distribution, and prices are controlled by the government. This type of economy typically does not allow for bartering as the government determines the allocation of resources and sets prices.
4. Traditional Economy: A traditional economy relies on customs, traditions, and cultural beliefs in determining economic activities. It usually involves subsistence farming, hunting, and gathering, where goods and services are exchanged through bartering. In this type of economy, bartering is the primary method of trade.
Given that the Inuit tribes in northern Canada utilize bartering for trading, it is indicative of a traditional economic system.