An economic system that relies primarily upon custom and habit in economic decision making is a
A)mixed system.
B)market system.
C)traditional system.
D)communist system.
E)command system.

Question

Quizplus · Accepted Answer

In a traditional economic system, economic decisions are made based on customs, beliefs, and traditions that are passed down from one generation to another. This system relies on bartering, gift-exchange, and subsistence farming. This system is commonly found in rural and remote regions, where people work in agriculture, fishing, and hunting. This system does not involve the use of modern technology or complex financial systems, and it does not rely on market forces to allocate resources.

An Economic System That Relies Primarily Upon Custom and Habit