Question

In a traditional economy, people would most likely:

a) Actively seek government regulations
b) Actively seek international trade
c) Produce goods according to national requirements
d) Produce goods in their homes for local use

Answer 1

In a traditional economy, people would typically produce goods in their homes for local use, following customs and occupational roles passed down through families.

Step-by-step explanation:

In a traditional economy, a system that is the oldest and predominantly used in parts of Asia, Africa, and South America, the economic activities are organized based on longstanding traditions. Hence, in a traditional economy, people would produce goods in their homes for local use. This type of economy centers around familial or tribal cultures and the maintenance of established customs.

Traditions determine how economic activities are managed, meaning occupations are typically passed down through families, and most production is for personal consumption, rather than for trade or external sale. Families often engage in agriculture and employ time-honored methods to grow crops, which are then consumed by the family or local community. The focus on traditions and the lack of economic progress and development distinguish a traditional economy from market-driven economies that prioritize innovation, international trade, and governmental regulations.