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 restrictions of unbalanced growth, What are the restrictions o...

What are the restrictions of unbalanced growth? The restrictions of unbalanced growth: • Frequently governments go for high status, capital-intensive and high tech projects

Privitization, why do companies privitise? what is the objectives of privit...

why do companies privitise? what is the objectives of privitisation? what are the advantages and disadvantages of privitisation?

What is social inclusion, What is social inclusion? Social Inclusion:...

What is social inclusion? Social Inclusion: Social inclusion implies the whole of society enjoys the advantages of economic activity (as income) and have complete access

What are the assumptions of lewis, What are the assumptions of Lewis? ...

What are the assumptions of Lewis? LDCs (Less Developed Countries) have two (dual) economies as: • Rural traditional economic and social practices, which overpopulated, s

Macroeconomic, Question 1 (9 marks) During the 1990s, technological advan...

Question 1 (9 marks) During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets a

Explain the real business cycle theory, QUESTION (a) Explain the real b...

QUESTION (a) Explain the real business cycle theory. (b) Using appropriate diagrams differentiate between inflationary and deflationary gaps. (c) Differentiate between th

Eco/561, purely competitive firms increase total revenue by

purely competitive firms increase total revenue by

What is suitable technology, What is suitable technology? Technology is...

What is suitable technology? Technology is suitable when this employs methods which make the best use of accessible resources that is labour-intensive, straightforward techniqu

Define corporate governance, Corporate governance is best described as   ...

Corporate governance is best described as   A code for organisational direction, administration and control.

Managerial economics, how does economic theory contribute to managerial dec...

how does economic theory contribute to managerial decisions?

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