Question

In what type of economic system would the following scenario take place?

An Inuit family wanted a new sled for the upcoming winter season.
Unfortunately, they had nothing to trade for the sled. The head of the family
went out to hunt caribou to obtain meat, to hopefully be used for barter.
O market
command
traditional

Answer 1

The scenario takes place in a traditional economic system where an Inuit family relies on hunting and bartering to obtain goods and services.

Step-by-step explanation:

The scenario described in the question is an example of a traditional economic system. In a traditional economic system, economic decisions are based on traditions, customs, and beliefs that have been passed down from generation to generation. In this system, individuals rely on subsistence farming, hunting, fishing, or gathering to meet their needs.

In the given scenario, the Inuit family utilizes their hunting skills to obtain meat, which they plan to barter for a new sled. There is no mention of a market where the family can buy or sell goods, nor any external authority (such as a command system) that controls economic decisions. Instead, the family relies on their traditional knowledge and practices.

Learn more about Traditional Economic System