Question

Imagine you are a consultant who has been asked to summarize the strengths and weaknesses of Customaria, a nation with a pure traditional economy (an economy molded largely by custom or religion).

Which of the following would you include in your report as weaknesses of Customaria's economy? Check all that apply:

_ There is little cooperation, relative to other economies.

_ The participants in the economy are slow to adopt new beneficial technologies due to previous customs.

_ People express more dissatisfaction with their lives than those in other economies.

_ Occupational choices can be restricted.

Answer 1

Answer:

There is little cooperation, relative to other economies.

The participants in the economy are slow to adopt new beneficial technologies due to previous customs.

Occupational choices can be restricted.

Explanation:

Traditional economies are old economy types that rely mainly on barter as a a mean of exchange. Their customs and tradition hinder changes related to technology, showing high resistance to change. Since economy is mainly based in the primary economy sector, occupational choices are usually limited for inhabitants.

There is the absence of international trade, as barter is the reigning exchange method done only inside the country.