Question

Global Economic Sectors and Systems

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The following statements describe a certain country's economy. What type of economy does this country have?
I. Most citizens farm at the subsistence level.
II. Citizens barter with each other for needed items.
III. Doctors and professionals often accept food or other goods in exchange for services.
a market economy
a traditional economy
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a planned economy
a mixed economy
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Answer 1

The country described in the statements has a traditional economy based on subsistence farming, bartering, and non-monetary exchanges.

Step-by-step explanation:

The statements provided describe a traditional economy. In a traditional economy, most citizens rely on subsistence farming and bartering for necessary items, as stated in statements I and II. Additionally, statement III highlights the use of a non-monetary exchange system, where doctors and professionals accept food or other goods in exchange for services. These characteristics align with the traditional economy model, where economic decisions and practices are based on cultural traditions and customs.

Learn more about Traditional economy