Question

An underdeveloped economy in which communities use simple tools and traditional methods to harvest and hunt for food is called a(n)?

Answer 1

A(n) Traditional System is a term used to describe an underdeveloped economy in which communities harvest and hunt for food using basic tools and conventional techniques.

Describe the conventional economy.

Tradition, history, and long-held ideas serve as the foundation of a traditional economic system. Traditions, practices, and beliefs play a significant role in the production of goods and services in a traditional economy, as well as in the distribution of those commodities and services.

These types of economies are frequently seen in rural, agrarian nations. A traditional economy, also referred to as a subsistence economy, is characterized by trading and bartering. A small amount of surplus is created, and if any extra products are manufactured, they are usually donated to a ruling body or landowner.

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