Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. in which kind of economy do they participate? traditional economy centrally planned economy false economy command economy

Question

Business

Tessa Mckenzie

17 November, 20:12

Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. in which kind of economy do they participate? traditional economy centrally planned economy false economy command economy

+1

Answers (1)

Know the Answer?

Davin Bryan · Answer 1

Hello!

If there's a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did, they participate in a traditional economy.

This kind of economy is based on traditions and customs. The people who participate in this kind of economy often continue with the way of living of their ancestors, and a family of only farmers, with no change in occupation, is considered a traditional economy.

Traditional economies are also called subsistence economies because they often only produce the number of products needed to survive. Farming is an example of a subsistence (traditional) economy because the products can be bartered or eaten directly to subsist.