Traditional economy
What are the characteristics of traditional economy?
People have the same jobs as their parents, goods are produced by their ancestors. Next, Decisions are based on tradition.
What is a good?
A good is a product or a service used by someone for his or her own use.
What are the disadvantages of the traditional economy?
Limited technology and few choices of goods and services.
What is a service?
A service is a job done by someone else.
What are the advantages of traditional economy?
Everyone knows their role and strong sense of community.
What does the word consumers mean?
A Consumer is a person who uses products or services for his or her own use.
What is the traditional economy based on?
Customs, traditions and beliefs that have been passed on from ancestors.
What is the Command economy based on?
Command economy is where the government makes most decisions.
What is the Market economy based on?
The market economy is based on where consumers and business owners make most of the the decision.
What is the Mixed economy based on?
a mixed economy is based on both a market economy and a command economy.
What does the word producers mean?
Producers mean people who construct items or grow items to sell.