What type of economic system bases its decision on custom?
Ec 2 Economic Systems Vocabulary
| A | B |
|---|---|
| traditional economic system | economic decisions are based on customs, beliefs, and ways of doing things that have been handed down from generation to generation |
| command economic system | the government controls the factors of production and makes all the decisions about their use |
Which type of economy is based on customs?
A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them.
In which economic system does the government decisions follow customs?
A traditional economy is a system where traditions, customs, and beliefs shape the goods and products the society creates. Countries or communities that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering and trading.
What is another name for the custom based economy?
A traditional economic system is based on customs, history and time-honored beliefs. A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution.
What are the different types of mercantile agents?
Kinds of Mercantile Agents or Agent Middlemen
- Brokers.
- Factors.
- Commission Agents.
- Del-credere Agents.
- Auctioneers.
- Warehouse keepers.
What is an estoppel and Snda?
What are tenant estoppels and SNDAs? Conceptually, the tenant estoppel and SNDA are part of a normal lease transaction. The landlord will request that a tenant estoppel and/or SNDA be signed when the landlord is obtaining financing or when the property is being sold.
What is a letter of subordination?
A subordination agreement is a legal document that establishes one debt as ranking behind another in priority for collecting repayment from a debtor. The priority of debts can become extremely important when a debtor defaults on payments or declares bankruptcy.
What is a non disturbance clause in real estate?
A nondisturbance clause is a provision in a mortgage contract that ensures that a rental agreement between the tenant and the landlord will continue under any circumstances. This is done primarily to protect the renter from eviction by the mortgagor if the property is foreclosed upon by the lender.
What is an Attornment clause?
The attornment clause in an SNDA obligates the tenant to recognize the new owner of the property as its landlord regardless of whether the new owner acquired the property through a normal sale or a foreclosure. The tenant can lease the premises even after the property is sold or foreclosed.