ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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. Example: Men hunter gatherers, women tended to children and the crops, youngest helped with chores and learned skills needed for the future.

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: -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-4: -Traditional economies rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.

Detailed explanation-5: -A traditional economy is a type of economic system in which economic decisions are based on traditional values, customs, and beliefs.