ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Traditional economies depend on agriculture, fishing, hunting, gathering or some combination of the above. They use barter instead of money.

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 is a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed. It is a self-sufficient economy where the community engages in different activities to produce goods or services that are required by the rest of the community.