4 years ago

Read the paragraph below, and then decide which type of economy is being described.

History

2 answers:

anyanavicka [17]4 years ago

7 0

A traditional economy is described.

A traditional economy is a system in which history traditions, customs and beliefs based in long lasting experience, drive economic choices and activities such as production or distribution. Traditional economies are based on subsistence activities: agriculture, animal husbandry, hunting, fishing, etc. Nowadays this system can be found in developing countries with emerging economies. Traditional economies are considered the starting point of all economies. At some moment, when certain conditions are met, development will be triggered, which means that there will be a transition from this kind of economy to a modern one.