All purchase/sale transactions are made on credit. The company uses the FIFO method and perpetual inventory system to record transactions. What is the amount of LIFO adjustment needed to adjust FIFO inventory records reported for the year to LIFO for external reporting purposes

a. a traditional economy

Explanation:

In a traditional economic system, traditional customs and beliefs have a great influence on how trade and commerce is conducted. It is the basic form of an economic system. Societies that have traditional economies depend on agriculture, gathering, fishing,  hunting or any combination for sustainability.

Traditional economies are mostly found in developing and emerging countries in the African and Asian continents. The monetary system is not fully developed, giving room to use of barter trade. There is no wealth accumulation as the system seeks to fulfill fundamental basic needs.