BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A traditional economy is a place where the people have strong customs and traditions and monetary status is not significant. People in these economies survive using skills learned from past generations such as hunting, fishing, farming, and gathering.

Detailed explanation-2: -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-3: -Also known as a subsistence economy, a traditional economy is defined by bartering and trading. A little surplus is produced and if any excess goods are made, they are typically given to a ruling authority or landowner.

Detailed explanation-4: -A traditional economy is a system that relies on customs, history, and time-honored believes. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them.