WGU C235 - GLOBALIZATION Exam
Questions and Answers with Verified
Solutions | Latest Updated 2026
Traditional Economy Centered around a family or tribe and
guided by
tradition
Found in hunt-gatherer and nomadic
societies;
everyone consumes and produces the
same
goods.
Relies on bartering
Members produce what they need with no
surplus
Eventually, the economy evolves to some
form of
currency
, Market Economy It is standard for all goods and services to
be
privately owned. The owners have the right
to buy,
sell, or lease their property and make a
profit off of
their assets.
People are free to choose to produce, sell,
and
purchase goods at the price set with the
capital
they possess.
Every seller aims to make the most profit
possible.
Competition keeps prices low. Pricing
follows the
laws of supply and demand.
Market economy relies on an efficient
market in
which all buyers and sellers have equal
access to
the same information.
Government interference is at the
minimum that is
necessary to ensure the markets are
functioning
correctly (Amadeo, 2019).
Questions and Answers with Verified
Solutions | Latest Updated 2026
Traditional Economy Centered around a family or tribe and
guided by
tradition
Found in hunt-gatherer and nomadic
societies;
everyone consumes and produces the
same
goods.
Relies on bartering
Members produce what they need with no
surplus
Eventually, the economy evolves to some
form of
currency
, Market Economy It is standard for all goods and services to
be
privately owned. The owners have the right
to buy,
sell, or lease their property and make a
profit off of
their assets.
People are free to choose to produce, sell,
and
purchase goods at the price set with the
capital
they possess.
Every seller aims to make the most profit
possible.
Competition keeps prices low. Pricing
follows the
laws of supply and demand.
Market economy relies on an efficient
market in
which all buyers and sellers have equal
access to
the same information.
Government interference is at the
minimum that is
necessary to ensure the markets are
functioning
correctly (Amadeo, 2019).
