ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -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.

Detailed explanation-3: -Countries that use this type of economic system are often rural and farm-based. 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: -Traditional economies are typically found in rural areas of developing second and third-world nations, often in Africa, Latin America, Asia, and the Middle East. Traditional economies center around a family or tribe.

Detailed explanation-5: -Traditional economic system. Command economic system. Market economic system. Mixed system. 7 days ago