A Traditional System Solves Basic Economic Questions by Long-Standing Customs

question 80

True/False

A traditional system solves basic economic questions by long-standing customs.

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Definitions:

Human Error

Mistakes made by people, often attributed to factors such as misjudgment, confusion, or oversight.

Human Fraud

Intentional trickery by members of an organization aimed at obtaining an unethical or illegal advantage.

Cost-Benefit Principle

An economic principle that compares the cost of an action to its benefits. The action is considered favorable if the benefits outweigh the costs.

Collusion

An agreement, usually secretive, between two or more parties to limit open competition by deceiving or defrauding others of their legal rights, or to obtain an objective forbidden by law, typically involving fraud or gaining an unfair market advantage.