Business, 14.01.2021 09:50 lkelsey

Which factor plays the biggest role in motivating economic decisions in a traditional economy?

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There are factors plays the biggest role in motivating economy decisions in a market economy. The factor is Competition between different businesses.

A traditional economy is known to be a type of economic system where local or traditions, customs, and beliefs help defines the goods and services the economy creates, and also rule and way of their distribution.

Countries often this type of economic system and they are said to be rural and farm-based. Examples includes nomadic, semi-nomadic, and pastoralist etc.

See answer choices below

A. Cooperation between governments and citizens

B. Commitment to maintaining long-standing customs

C. Corruption in the leadership of powerful groups

D. Competition between different businesses

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Answer from: crawford184232323234

These are the answer choices for the question:

A. Cooperation between governments and citizens

B. Commitment to maintaining long-standing customs

C. Corruption in the leadership of powerful groups

D. Competition between different businesses

And this is the correct answer choice:

B. Commitment to maintaining long-standing customs

Explanation:

Traditional economies are economies that have not yet industrialized, that tend to be small-scale, and that give great weight to traditions when taking economic decisions, precisely.

Examples of traditional economies can be seen in nomadic, semi-nomadic, and pastoralist peoples, who often lack enough economic complexity to become large populations with complex poltiical and economic institutions.

In these societies, economic decisions may be guided more by the insight of a leader, than by economic rationality per se, as long as the bare minimum needs for survival are met beforehand.

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