ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Each member of society knows from early on what their role in the larger group will be. Jobs are passed down from generation to generation so there is little change in jobs over the generations. In a traditional economy, people are depended upon to fulfill their jobs.

Detailed explanation-2: -Definition. 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: -Answer and Explanation: An economy in which production is based upon customs and traditions and the economic roles are typically passed down from one generation to another is known as Traditional Economy.

Detailed explanation-4: -What is Traditional Economy? A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. These countries rely mostly on agriculture, gathering, hunting, and fishing. The barter system is characteristic of traditional economies.

Detailed explanation-5: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.