Question

What is a traditional economy

Answer 1

Answer:

A traditional economy is a system that relies on customs, history, and time-honored beliefs. In this system, tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering, etc. They also use a barter system instead of money.

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Answer 2

Answer:

Traditional economy is discussed below.

Explanation:

A traditional economy is an economic practice in which traditions, rituals, and faiths are very essential.

These practices, beliefs, and faiths make the operation and grow the assets and assistance that the economy produces.

In the traditional economy, economic judgments are commonly based on classes, groups, families or communities in this kind of economic system.