ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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A disadvantage of a traditional economic system is
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- How is a traditional economy similar to and different from a mixed economy?arrow_forwardMembers of some market-oriented and command economies seem to pity or look down upon people living in traditional systems. These individuals say that traditional cultures are backwards, underprivileged, suffering, and living in the past. Armed with such beliefs, many “modern" societies dedicate themselves to introducing their lifestyles, technology, and economic systems to the more traditional groups. While some traditional economies embrace the opportunity to grow and "evolve," others do not. People in some traditional economic systems are not interested in changing. They are happy to live much as their past generations have lived, they enjoy being part of a very close-knit community, and they respect the traditions and beliefs of their ancestors. Questions: 1. Should market and command governments encourage people in traditional economies to adopt their ways? 2. Do these traditional systems need help or does outside assistance do more harm than good for these societies?arrow_forward
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