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1.4.2 Test (CST): Fundamental Principles of Economics

Question 3 of 20

A traditional economy features:

A. people relying on customs to make economic decisions.
B. the government placing some regulations on private businesses.
C. the government directly controlling the production and sale of goods.
D. private companies operating without government interference.



Answer :

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Final answer:

A traditional economy involves people making economic decisions based on customs and traditions, with occupations passed down within families.


Explanation:

A traditional economy is characterized by people relying on customs to make economic decisions. In this system, occupations stay within families and economic activities follow traditional methods. The allocation of resources is guided by rituals, habits, and customs, with little room for economic progress or development.


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