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

What are the advantages to the project manager, What are the advantages to ...

What are the advantages to the project manager in giving regular progress reports to the project team members? People working onto a project as to have an understanding of how

What is meant by the factor endowment theory, Question 1: a) Explain, ...

Question 1: a) Explain, with the use of examples, what is meant by the ‘Factor Endowment Theory'. b) According to you, can the ‘Factor Endowment Theory' be a reasonable e

Define methods used to monitor supplier performance, Define methods which c...

Define methods which can be used to monitor supplier performance. Methods to monitor supplier performance are as follows: a. Approval of designs: The organisation comments o

Week 2, In your own words, describe the meaning of average cost. You normal...

In your own words, describe the meaning of average cost. You normally buy a crate of wine for $75. One crate has 6 bottles of wine. After a month, the store clerk informs you that

Marginal propensity to consume , Assume  the marginal propensity to consume...

Assume  the marginal propensity to consume (MPC) is 0.9. Starting from   equilibrium, investment demand enhances by 50. How much does equilibrium income enhance? Show the calcul

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

Socio economic problems, what are the major socio economic problems of Indi...

what are the major socio economic problems of India which hamper the growth and development

How micro or microfinance credit assists in financial market, How is Micro ...

How is Micro or Microfinance credit assists in financial markets? Micro or Microfinance credit assists: • Grow businesses and raise the income of the poor • Extra income

What is good governance, What is good governance? Governance is fundam...

What is good governance? Governance is fundamentally another word for government and is a necessary precondition for development. It is how governments employ their authority

Jobs, How much power or influence does a U.S. President versus a company CE...

How much power or influence does a U.S. President versus a company CEO actually have in a free enterprise system, when it comes to producing jobs or the decision to manufacture co

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