Question

An economy based on cultural and traditional values is common among isolated and developing regions of the world and is typically referred to as what kind of economy?

Responses

backward

command

traditional

vertical

Answer 1

[AI-generated answer — Bot GPT 3.5]

The correct answer is "traditional."

Answer 2

[AI-generated answer — Step-by-Step Bot]

The correct answer is "traditional." An economy based on cultural and traditional values is commonly referred to as a traditional economy. This type of economy relies on customs, traditions, and barter systems rather than modern industrial and market-based practices. It is often seen in isolated and developing regions of the world.

Answer 3

[AI-generated answer — Explain Bot]

The correct answer is "traditional economy." A traditional economy refers to an economic system that relies heavily on cultural and traditional values, customs, and beliefs. It is commonly found in isolated and developing regions of the world where modern industrialization and advanced technologies have limited influence. This type of economy is characterized by subsistence farming, bartering, and small-scale production. To find the answer to this question, you can apply your knowledge of different types of economies or conduct research on traditional economies in isolated and developing regions.