An Economic System That Relies Primarily Upon Custom and Habit

question 110

Multiple Choice

An economic system that relies primarily upon custom and habit in economic decision making is referred to as a

• A)market system.
• B)traditional system.
• C)command system.
• D)mixed system.
• E)communist system.

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Definitions:

Urban Mass Transit

refers to public transportation systems within cities and urban areas, including buses, subways, trams, and light rail, designed to facilitate the movement of large numbers of people.

Price Controls

Government-imposed limits on the prices that can be charged for goods and services in a market.

Skyrocketing Inflation

A situation where there is an extremely rapid and uncontrolled increase in the prices of goods and services in an economy.

Major Unions

Major Unions refers to large and influential labor unions that represent significant numbers of workers across various sectors, advocating for workers' rights, fair wages, and safe working conditions.