What is an economic system what are the basic problems of an economic system?
Answer: The four basic problems of an economy, which arise from the central problem of scarcity of resources are: What to produce? How to produce? For whom to produce?
In which economic system are answers to the three basic economic questions found in the past?
command economy
In which economic system do individuals answer the basic economic questions?
Capitalism-individuals own the factors of production and answer the basic economic questions.
What are three basic economic systems?
This module introduces the three major economic systems: command, market, and mixed.
Which of the following best describes what a traditional economy is?
Traditional economy is a unique economic system in which customs, traditions, and principles help form the merchandises and the services the economy yields, in addition to the instructions and way of their distribution. States that practice this kind of economic system are frequently rural and farm-based.
What is the symbol for traditional economy?
Traditional Economy- A symbol that represents a traditional economy is an egg because an egg is a symbol for farming or agriculture and most traditional economies are based off of farming or agriculture.
What is the advantage and disadvantage of traditional economy?
The main advantage of a traditional economy is that the answers to WHAT, HOW, and FOR WHOM to produce are determined by customs and tradition. The main disadvantage of a traditional economy is that it tends to discourage new ideas and new ways of doing things.
What are 2 disadvantages of traditional economy?
The advantages and disadvantages of the traditional economy are quite unique. There is little waste produced within this economy type because people work to produce what they need. That is also a disadvantage, because if there is no way to fulfill production needs, the population group may starve.
What are the main goals of traditional education?
The primary purpose of traditional education is to transmit to a next generation those skills, facts, and standards of moral and social conduct that adults consider to be necessary for the next generation’s material a.
What are the characteristics of traditional education?
Traditional education has four characteristics: 1) it is completely effective, i.e. the child learns all he/she needs to know to become a functioning adult; 2) although the education involves harsh trials and ordeals, every child who survives them is allowed to “graduate”; 3) the cost of education (e.g. paying masters …