GENERAL KNOWLEDGE

Detailed explanation-1: -This economy is purely based on a few activities, such as fishing, gathering, hunting, and agriculture. The regular economic decisions in the society are taken based on traditions, cultural beliefs and experiences imparted by the elders. Trading and bartering are two primary modes of payment in a traditional economy.

Detailed explanation-2: -Traditional economic activities include activities like agriculture, hunting, fishing, gathering, and cattle rearing.

Detailed explanation-3: -A traditional economy is a system in which the development and distribution of goods and services are determined by customs, traditions, and time-honored beliefs.