USA HISTORY

Detailed explanation-1: -A traditional economy is a system where people’s customs, traditions, history, and beliefs stimulate the production and distribution of goods and services. The exchange of commodities takes place through the barter system.

Detailed explanation-2: -A barter economy is a cashless economic system in which services and goods are traded at negotiated rates. Barter-based economies are one of the earliest, predating monetary systems and even recorded history. People can successfully use barter in many almost any field.

Detailed explanation-3: -A traditional economy is a basic economic system where customs and traditions are the elements that determine the way trade and commerce are performed. It is a self-sufficient economy where the community engages in different activities to produce goods or services that are required by the rest of the community.

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: -A traditional economy is a type of economic system in which economic decisions are based on traditional values, customs, and beliefs.