QUESTION IMAGE
Question
political economic structures quiz 2
1 multiple choice 3 points
which of these is a characteristic of a traditional economy?
technological advancements encourage growth.
large corporations compete for business
people rely heavily on hunting and farming.
the government generally owns all means of production
A traditional economy is based on customs, traditions, and historical practices. People typically engage in subsistence - level activities like hunting and farming. Technological advancements are not a main driver as in modern economies. Large corporations are more characteristic of market economies, and government - owned means of production are typical of command economies.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
People rely heavily on hunting and farming.