ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A barter economy is a cashless economic system in which services and goods are traded at negotiated rates. Barter-based economies are one of the earliest, predating monetary systems and even recorded history. People can successfully use barter in many almost any field.

Detailed explanation-2: -Traditional economies rely on farming, fishing, hunting, gathering, or some combination of these activities. They do not use cash; they barter. The majority of traditional economies are found in developing nations and emerging markets.

Detailed explanation-3: -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-4: -Also known as a subsistence economy, a traditional economy is defined by bartering and trading.

Detailed explanation-5: -The community is self-sustained through fishing, hunting and farming. The traditional economic system does not trade. The market participants consume the products that are produced/collected, and they rely on bartering to get the products that they want.