Prior to 1850, what was a main reason the North developed an economy increasingly based on manufacturing while the South continued to rely on an economy based on agriculture?

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19-12-2022
Business

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Prior to 1850, what was a main reason the North developed an economy increasingly based on manufacturing while the South continued to rely on an economy based on agriculture?

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tutorconsortium633 tutorconsortium633 · Answer 1 · 2022-12-22T03:19:49-05:00

The correct answer is (d) geographical conditions supported different types of economies. There are mainly four types of economies.

What is an economic system?

The factors of production, such as land, capital, labor, and physical resources, are governed by economic systems.

A community's economic structure is made up of a variety of institutions, organizations, entities, decision-making procedures, and consumption patterns.

Traditional economies, command economies, mixed economies, and market economies are the four primary types of economic systems.

The traditional economic model is built on labor, goods, and services, all of which follow well-established patterns.

An important element of the economic structure is under the jurisdiction of a dominant centralized authority in a command system.

Free markets serve as the foundation of market economic systems. In other words, there is not much intervention from the government.

The traits of the market and command economic systems are combined in mixed systems.

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