Question

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.

Answer 1

a traditional economy

Step-by-step explanation:

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Answer 2

Traditional economy

Step-by-step explanation:

This country is having traditional economy. A traditional economy refers to the economy that is built around the living culture of the society. In this type of economy, the customs, traditions and the beliefs are involved in the development of goods and services for a particular area.

There are certain characteristics of this economy;

(i) The people in this economy are following the barter system in which goods are exchanged for goods only not exchanged in monetary terms.

(ii) The most of the people in this economy are living in tribes or in families.