Question

Jamie took a school trip to Africa to study the economy. In one village, he saw that the people performed only unskilled activities such as hunting and fishing. Also, they did not use money to acquire goods. Instead, they simply exchanged goods with each other. What type of economy does this village have?

Answer 1

This type of economy is called a Traditional economy as it is based around bartering instead of the buying and selling of goods.

Answer 2

Answer:

Traditional economy

Explanation:

Also known as subsistence economies, these types of economies are characterized by being determined by tradition and customs. This means that history and ancient beliefs are taken into consideration. They are usually small and with little or none profit as they rely on trading and bartering for goods and services.

In a lot of places the arrival of capitalism had to fight with these types of economies replacing their traditions and beliefs with the market economy principles.