GENERAL KNOWLEDGE

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

Detailed explanation-2: -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-3: -The four main types of economic systems are a pure market economy, a pure command economy, a mixed economy, and a traditional economy.

Detailed explanation-4: -In a market economy, prices are set by the decisions of thousands of consumers and producers, each acting in their own self-interest.