WORLD HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -A good example of an early origin of the traditional economy comes from the Maasai tribe of East Africa. There, tribal leaders designed an economic model where decisions on labor, production, and the distribution of products and goods were based on tradition and community custom.

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.

Detailed explanation-4: -Goods are produced by hunting, fishing, gathering, and harvesting. In a traditional economy everyone owns and uses the land together.

Detailed explanation-5: -Traditional economies are often based on one or a few of agriculture, hunting, fishing, and gathering. Barter and trade is often used in place of money. There is rarely a surplus produced. In other words, most of the goods and services are fully used.