\'P\' needs food for her family. If her first thought is that she needs to go to
ID: 1164683 • Letter: #
Question
'P' needs food for her family. If her first thought is that she needs to go to the market and buy the food, in which of the following types of economy is she likely to be living? (Choose all that apply.)
Tribal economy
River-valley economy
Ancient market economy
Feudal economy
Modern commercal economy
'W' makes weapons. He works in a small shop and sells what he makes in the market. In which of the following types of economy is 'W' most likely to live?
Modern commercial economy
River-valley economy
Feudal economy
Ancient market economy
'W' makes weapons. He works in a large factory. The weapons he makes are sold to customers in different countries. In which of the following types of economy is 'W' most likely to live?
River-valley economy
Modern commercial economy
Feudal economy
Ancient market economy
'W' makes weapons. The local temple provides him with his tools and tells him what to make. The temple takes care of him and his family. In which of the following types of economy is 'W' most likely to live?
Feudal economy
Ancient market economy
River-valley economy
Modern commercial economy
The paper says that commercial economies replaced feudal economies because they were more productive. Why were commercial economies more productive than feudal economies?
Feudal economies just wasted all the treasure from the New World.
Feudal economies didn't produce anything but grain.
Commercial economies were based on laws and property rights that encouraged people to be productive.
Commercial economies could produce firearms.
Tribal economy
River-valley economy
Ancient market economy
Feudal economy
Modern commercal economy
Explanation / Answer
1)
Right answer is : Modern commercial economy.
Market is fully developed in modern commercial economy. We can purchase anything from open market provided we have sufficient amount to money to pay the value of good.
2)
Right answer : Modern commercial economy.
Here, money has come into play and goods are bought and sold in open market.
3)
Here also right answer is : Modern commercial economy.
Output is being carried to sell it out in open market.
4)
Right answer is : Ancient market economy.
It is nascent stage of economic development. Still, here human does not crave for profits and selling in market.
5)
Right answer is : Commercial economies were based on laws and property rights that encouraged people to be productive
Unlike feudal economy, commercial economic system ensures rights to individuals. Hence, there is strong incentive to undertake more productive and economic activities.
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