Explain about the term traditional economy, Business Economics

Assignment Help:

Explain about the term Traditional Economy.

Traditional economy:

It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. As like an example, men follow the occupation of their father as for example, farmer while women are normally homemakers preparing meals. Land is normally held into common that is private property is not well described.


Related Discussions:- Explain about the term traditional economy

Increasing number of organisations for is development, Why do you assume th...

Why do you assume there are an increasing number of organisations related along with the development of quality practices for IS development? Information systems frequently rep

Business Economics, (a) Explain why each of the following factors may influ...

(a) Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the comm

Why is AIDs a major economic problem, Why is AIDs a major economic problem?...

Why is AIDs a major economic problem? AIDs are a tragedy which is affecting the structure and size of population. There AIDs is widespread in between the economically active th

Types of transaction on the capital account, Types of Transaction on the Ca...

Types of Transaction on the Capital Account are stated below: It is useful to recall the basic types of transactions recorded on the capital account: foreign portfolio investme

Exception to law of demand, case study on diamond price and petrol price fo...

case study on diamond price and petrol price for exxception to the law of demand

Multiplier, How static multiplier can be shown diagramatcally

How static multiplier can be shown diagramatcally

General and specific training, QUESTION 1 (a) Suppose the government de...

QUESTION 1 (a) Suppose the government decides to implement a minimum wage to help low-income workers. How will the minimum wage affect the demand for labor and what does this i

Consumer behavior, what makes other individuals save more than others

what makes other individuals save more than others

Cost of production of a firm in the long run, Question 1: (a) Explain,...

Question 1: (a) Explain, giving examples, the law of diminishing returns, clearly bringing out the relationship between cost curves and product curves in the short run. (

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd