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Advantages and disadvantages of a traditional economy

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Advantages and disadvantages of a traditional economy

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Advantages:

You know what is expected of you

Family and community ties are strong

Disadvantages:

Change is discouraged and perhaps punished

Methods of production are often inefficient

Choices among consumer goods are rare

Individuals rarely experience an increased level of material well-being

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Estimated to be about 55%

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Imports

Grains

food products

Chemicals

Machinery

Exports

Crude Petroleum

Gold

Oils and alcohols

Industrial fatty acids

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Crude oil production and petroleum refining

Food processing

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The president is elected for a seven-year term in a two-stage process, with the House of Representatives required to endorse at least two candidates, who are then put to a public vote

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Recently, Yemen’s former leader, Abdrabbuh Mansour Hadi announced that the eight-member council would be led by former minister Rashad al-Alimi.

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Declining revenues from its real actively small oil and gas reserves

Widespread hunger and disease

Attacks on civilians

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Nickel

Gold

Cooper

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Who answers the 3 basic questions? Who owns the factors of production?

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Who answers the 3 basic questions? Who owns the factors of production?

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Traditions

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Crop growers

Shop salespeople

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Roughly 13.6%