Question

a. How many more people were working in agri-
cultural jobs in the traditional economy than in
the market economy?

Answer 1

In the traditional economy there were hundreds more people working than in the market economy

The market economy is an economic term characterized by:

• A system of economic relations based on sale and exchange
• The state does not play a decisive role and in which decisions are made by each economic entity independently
• A market economy is characterized by private property

On the other hand, the traditional economy is characterized by:

• They are based on traditional economic activities such as agriculture and harvesting
• Focuses on survival
• Has a reduced economic surplus

According to the above, in a traditional economic system, more people are working in agriculture than in the market economy because the market economy is based on industrial production and exchange.

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