how are the 3 economic questions answered in a traditional economic system
In a traditional economic system, the three economic questions are typically answered based on customs, traditions, and beliefs that have been passed down through generations.
1. What to produce: In a traditional economy, the decision on what to produce is usually determined by cultural norms and traditions. The community may rely on agriculture, fishing, or hunting, depending on what has been historically practiced.
2. How to produce: The methods of production in a traditional economy are usually based on long-standing customs and practices. For example, traditional farming techniques or craftsmanship may be used to produce goods and services.
3. For whom to produce: In a traditional economy, goods and services are typically produced for the community as a whole rather than for individuals or specific groups. Distribution is often based on social norms and hierarchies within the community.
Overall, in a traditional economic system, the answers to the three economic questions are largely determined by cultural traditions, customs, and beliefs, rather than by market forces or government intervention.