ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A moneyless economy or non-monetary economy is a system for the allocation of goods and services as well as for the assignment of work without payment of money.

Detailed explanation-2: -People in societies with traditional economies typically trade or barter instead of using money, and depend on agriculture, hunting, fishing, or a combination of the three for their livelihoods.

Detailed explanation-3: -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-4: -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-5: -Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering and trading. A little surplus is produced and if any excess goods are made, they are typically given to a ruling authority or landowner.