Question

Give an example of how a nation’s culture affects its economic system.

Answer 1

The culture comes from the institutional factors which exist thousand of the year hence it deeply rooted in the society.These factors may favor or in favor of the economic growth as flows.

1. The religious practice saving the money for offering to goods or religious institution according to the economic theory it is not productive because they do not yield any positive results.
2. These factors barrier for allocating the resource example labor mobility has restricted some countries to abroad because of it against their culture.

Thus culture has significantly affected the economic system of the country.