GENERAL KNOWLEDGE

Detailed explanation-1: -The residents of a society or tribes are the sole decision-maker in a traditional economy . Countries that follow a traditional economy usually rely on various activities, such as hunting, fishing, pottery, agriculture and other industries, to boost their financial condition.

Detailed explanation-2: -In an traditional economy individuals and tribes make the decisions. Often these decisions are based on customs, traditions, and religious beliefs.

Detailed explanation-3: -A traditional economy is an economy that relies on cultural customs, beliefs, and other traditions for economic decisions. The five characteristics of a traditional economy are: Centering around a family or tribe. Existing in a hunter-gatherer and nomadic society.

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: -Which group is most responsible for in a traditional economy? In a traditional economy, the responsibility for production and distribution of goods and services is typically held by the community or tribal leaders, with decisions made based on customs, beliefs, and traditions passed down over generations.