Question

From Abraham Lincoln's life, which would be an example from the old economy

when compared to the newly transformed market economy?
a) Lincoln as a state legislator promoting river transportation.
Ob) Lincoln's father taking livestock to a faraway marketplace.
c) Lincoln settling family debt by doing labor for the neighbor.
d) Lincoln working as a lawyer for the Illinois Central Railroad.
e) Lincoln getting paid in cash and then purchasing clothing from a store.

Answer 1

An example from the old economy in Lincoln's life is his father taking livestock to a faraway marketplace.

Step-by-step explanation:

From Abraham Lincoln's life, an example from the old economy when compared to the newly transformed market economy would be Lincoln's father taking livestock to a faraway marketplace. In the old economy, people relied on bartering and traditional methods of trade, such as agricultural products, to earn a living. Taking livestock to a marketplace was a common practice to exchange goods for money or other desired items. However, in the newly transformed market economy, people started to engage in more complex financial transactions, and trade expanded beyond local markets.

Learn more about Abraham Lincoln's life in relation to the old and new economy