Government leaders. Mercantilism Communism Socialism economy based on traditional production methods process by which people choose how to use limited resources in order to meet their needs government makes the best decisions. Traditional Economy. When traditional economy interacts with other economies such as command or market it turns into the mixed traditional economy. followin. The Country of North Korea has a dictator that makes all of the economic decisions. The government has the power to take all decisions regarding the economy. Communism . This economic system is characterized by the unregulated exchange of goods and services. individuals. ... Once we understand these three basic economic questions, we can make sound economic decisions… Market . command economy . Command . Traditional Economy Goods are produced by hunting, fishing, gathering, and harvesting. However, on a broad level, you can still classify them on the basis of common characteristics. Discover the different types of economic systems including the traditional economy, market economy, command economy, mixed economy, and sharing economy. in Homework Help . In a command economy, how are economic decisions made? In this way, money or currency becomes important in the lives of people. * 1 point combination of consumers and planners custom and habit consumers and the market government planners 3. Centrally Planned . Native Americans Tribes in Africa Amish Community Command Economy In a command economy the government makes all the decisions. Who makes decisions in the traditional economy? There are basically four main types of economic systems – Traditional Economy, Command Economy, Market Economy, and Mixed Economy. answer choices . follow. Traditional economies may be based on custom and tradition, [3] with economic decisions based on customs or beliefs of the community, family, clan, or tribe. Who owns the factors of production and makes economic decisions in a market economy? ... traditional economy. Traditional Economy An economic system in which economic decisions are based on customs and beliefs People will make what they always made & will do the same work their parents did Exchange of goods is done through Bartering: trading without using money dictatorship. 1 answer . Craig Stewart. Market, traditional, and command systems do not exist in pure form. Traditional Economy Examples of Traditional Economies in history. Market Economy/Capitalism Traditional . In a traditional economy, how are economic decisions made? 2. * 1 point custom and habit**** government leaders consumers and planners combination of consumers and planners 2. SURVEY . #1 – Traditional Economy System in which economic decisions are based on customs that have been handed down from generation to generation ... Mixed Economies. What type of economy is this? Tags: Question 21 … In a command economy, the factors of production are decided by. Mixed Economy. [citation needed] Two current examples of a traditional or custom based economy are Bhutan and Haiti. Command Economy/Communism: Economic system in which the government makes all economic decisions. In a traditional economy, the decision to make certain products is decided by the people, but designed around traditions, customs, and beliefs. THIS is the definitive in-depth guide. Tags: Question 14 . Traditional Economy: Economic system in which families or villages produce goods for their own use with little surplus or exchange of goods. In a traditional economy everyone owns and uses the land together. In this article, we learn about each of the types of economic system in detail. Among other unique features is that the government makes all decisions regarding what to and how is being manufactured. Own use with little surplus or exchange of goods goods and services generation... 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