In traditional economy, economic decisions are based on ______ and ______.
I’ve gone through my at least 4 times and I can’t find anything that would answer this. Please help.
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supply and demand
In traditional economies, economic decisions are typically based on two key factors: customs and traditions.
Customs refer to long-established patterns of behavior within a society. These customs dictate how resources are allocated, what goods and services are produced, and how they are distributed among individuals. Economic decisions in traditional economies are often guided by cultural norms, rituals, and customary practices that have been passed down through generations.
Traditions, on the other hand, encompass the beliefs, values, and practices that are deeply rooted in a society. These traditions shape the economic decision-making processes and provide a framework for how resources are utilized. Traditional economies rely on established practices and ways of doing things, often building upon historical knowledge and experience.
To find this information, you can consult various resources such as textbooks, online articles, or economic journals that discuss the characteristics of traditional economies. Additionally, you can search for specific terms such as "characteristics of traditional economies" or "economic decision-making in traditional economies" to find relevant information and sources. It's important to carefully evaluate the credibility and reliability of the sources you find to ensure accurate information.