ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Traditional economies are those in which customs and traditions are more important than money. Traditional economies are often based on hunting, fishing and gathering or farming. Often in a traditional economy, there is no surplus and no resources, and bartering is used to exchange for needed goods.

Detailed explanation-2: -A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of the above. They use barter instead of money.

Detailed explanation-3: -Traditional economies have several characteristics that are unique compared to modern economies. They are geographically and locally based, they have a bartering system, they have little to no surplus or goods, and they don’t waste any parts of goods they produce.

Detailed explanation-4: -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-5: -Based on a broad range of input from experts, academics, peers, and public opinion, the Foundation defines inclusive economies by five inter-related characteristics: participation, equity, growth, sustainability, and stability.