Question

How might strongly defined economic roles and goals be both a strength and a weakness of traditional economies?

Solution

Verified
Answered 1 year ago
Answered 1 year ago

In traditional economy, the only goal is to survive and the most important thing is honoring traditions. Strongly defined roles and goals can be strength of one society, because people are concentrated on reaching the main goal, survival. So, there are no conflicts between member of community. Also, this strongly defined roles and goals are a weakness. Traditional economy does not support progress and changes. So in this economics system, people won't be productive as they could be. This means less wealth, lower standard of living and people who work without motivation.

Create an account to view solutions

By signing up, you accept Quizlet's Terms of Service and Privacy Policy
Continue with GoogleContinue with Facebook

Create an account to view solutions

By signing up, you accept Quizlet's Terms of Service and Privacy Policy
Continue with GoogleContinue with Facebook

Recommended textbook solutions

Principles of Macroeconomics 6th Edition by N. Gregory Mankiw

Principles of Macroeconomics

6th EditionN. Gregory Mankiw
436 solutions
Economics: Concepts and Choices 1st Edition by MCDOUGAL LITTEL

Economics: Concepts and Choices

1st EditionMCDOUGAL LITTEL
868 solutions
Principles of Economics 8th Edition by N. Gregory Mankiw

Principles of Economics

8th EditionN. Gregory Mankiw
1,337 solutions
Cambridge IGCSE Business Studies 4th Edition by Karen Borrington, Peter Stimpson

Cambridge IGCSE Business Studies

4th EditionKaren Borrington, Peter Stimpson
467 solutions

Related questions