ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A traditional economy focuses on the country’s traditions, beliefs and customs before developing goods or providing services.

Detailed explanation-2: -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-3: -Traditional Economy: A system which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation. Example: Men hunter gatherers, women tended to children and the crops, youngest helped with chores and learned skills needed for the future.

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: -Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.