BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A traditional economy focuses on the country’s traditions, beliefs and customs before developing goods or providing services.

Detailed explanation-2: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.

Detailed explanation-3: -Traditional Economy: A system which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation.

Detailed explanation-4: -A traditional economy is a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed. It is a self-sufficient economy where the community engages in different activities to produce goods or services that are required by the rest of the community.

Detailed explanation-5: -A traditional economy is an economic system in which traditions, customs, and beliefs help shape the goods and services the economy produces, as well as the rule and manner of their distribution. Countries that use this type of economic system are often rural and farm-based.