ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -People in these economies survive using skills learned from past generations such as hunting, fishing, farming, and gathering. Without a true money system, people in a traditional economy often use bartering and trade as a means to obtain the needed resources to live.

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: -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-4: -A traditional economy relies on custom and tradition t dictate production and consumption. The goals are economic security and stability.

Detailed explanation-5: -Traditional Economy. A Traditional Economy is a system where the allocation of available resources is made on the basis of inheritance. As a deep-rooted economic theory with well-built social set-up, Traditional Economies generally make use of prehistoric instruments and techniques.