What was the major difference between Russia and other European
countries at the beginning of the twentieth century?
(1)
(a) Communist party was legal in Russia whereas in Europe it was illegal.
(b) Majority of Russian population was agrarian whereas in Europe it was
industrial worker.
(c) Russian had a constitution whereas in Europe nationalists were trying
to draft the constitution for their people.
(d) Russia was under the influence of Roman Catholic Church whereas in
Europe Orthodox Church was influential
Answers
Answer:
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HomeTeachersHauer, LEconomics Textbook ResourcesUnit 1: Chapters 1,2, & 3
Chapter 2: economic Systems and Decision Making
Lesson 1: Economic Systems
Lesson 1: Vocabulary
Content Vocabulary
traditional economy
economic systems
command economy
socialism
market
market economy
capitalism
Academic Vocabulary
stagnation
emphasizing
Economies Based on Tradition
How does a traditional economy answer the basic questions of WHAT, HOW, and FOR WHOM to produce?
Much of what we do springs from habit and custom. Why, for example, does the bride toss the bouquet at a wedding? Why do we greet people by shaking hands rather than by pressing our noses and foreheads against theirs, as the Maori people of New Zealand do? It’s because such practices have become part of our traditional culture.
Characteristics
In a society with a traditional economy, the use of scarce resources—and nearly all other economic activity—stems from ritual, habit, or custom. Habit and custom also dictate most social behavior. Individuals are generally not free to make decisions on the basis of what they want or would like to have. Instead, their roles are defined by the customs of their elders and ancestors.
Examples
Many societies—such as the central African Mbuti, the Australian Aborigines, and other indigenous peoples around the world—have traditional economies. The Inuit of Northern Canada in the nineteenth century provide an especially interesting case of a traditional economy.
Advantages
The main advantage of a traditional economy is that everyone knows which role to play. Little uncertainty exists over WHAT to produce. If you are born into a family of hunters, you hunt. If you are born into a family of farmers, you farm. Likewise, little uncertainty exists over HOW to produce, because you do things much the same way your parents did. Finally, the answer to the FOR WHOM question is determined by the customs and traditions of the society. In some societies, you alone might be responsible for providing for your immediate family. In others, such as the Inuit, you would share the spoils of your hunt with all the families of the village. In other words, tradition dictates how people live their lives.