ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In 2022, The World Population Review labeled Brazil, Haiti, Alaska, Yemen, Canada, and Greenland as traditional economies. Most conventional economic systems are found in Asia, Africa, Latin America, and the Middle East.

Detailed explanation-2: -Emerging markets and developing countries are home to the majority of traditional economies. They are frequently found in Africa, Asia, and Latin America. Traditional economies can also be found in small pockets in developing countries all over the world.

Detailed explanation-3: -Several traditional economies have evolved into mixed economies that incorporate elements from capitalism, socialism, or communism.

Detailed explanation-4: -India’s traditional economy was characterized by a blend of agriculture and handicrafts. While the Indian economy was mainly dependent on agriculture, handicrafts played a major role in influencing the rural economy of India.