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Identify the particular type of economy being described below:
These economies tend to be found in rural or developing countries, as the economy
is a result of beliefs, custom, and tradition. Many of these economies are tied to the
land, such as agriculture and farming and while these systems are not as advanced
as more modern economies, they tend to have a greater democracy and produce less
waste.
O traditional
O command
O mixed
O market



Answer :

GinnyAnswer
The particular type of economy being described in the scenario is the **traditional economy**. 1. **Explanation**: Traditional economies are based on customs, traditions, and beliefs that have been passed down through generations. These economies are often found in rural or developing countries where communities rely on agriculture, farming, and other traditional practices tied to the land. 2. **Characteristics**: - They prioritize community needs over individual wants. - Economic decisions are influenced by customs and traditions. - Production methods are often labor-intensive and reflect ancient practices. - Barter and trade may be common forms of exchange. 3. **Advantages**: - Greater democracy: Decision-making tends to involve the community as a whole. - Sustainability: Traditional practices often lead to less waste production. - Cultural preservation: These economies help maintain and pass on cultural heritage. In contrast, modern economies like market and command economies rely more on government intervention or market forces rather than tradition and customs.

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