0
A traditional economy is an economy based on custom and tradition. The economic system in which resources are allocated by inheritance, has a strong social network and is based on indigenous technology and methods. Although this type of economy has been converted to mixed, command, or market technologies in many societies that were once traditionally driven; over 400 million people across the globe still practice this methodology, as researched by the World Bank.
In this brand of economy, the closeness of the societal structure generally ensures that every member of society has a purpose and as well, a participatory function in society. This brand of economics also provides less of a demand on the resources of the earth because goods are usually only produced if they will be consumed, hence, there is a lack of over consumption and surplus such as can be found in many other economic systems.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Hunting and gathering subsistence agriculture and the barter system are characteristics of what?
traditional economy
What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
Habit and custom determine economic activities in a?
Traditional Economy
What is a good word sentence using the word traditional economy?
china is not a traditional economy now. It has emerged as mix economy.
What are the three types of economy?
Command economy, market economy, and traditional economy. The United States of America is a Market economy.
Hunting and gathering subsistence agriculture and the barter system are characteristics of what?
traditional economy
What is the economic system in Kazakhstan?
Kazakhstan has a Traditional economy
How do I describe a mixed economy?
A mixed economy is a system that combines characteristics of market, command, and traditional economies. It benefits from the advantages of all three while also experiencing some of the disadvantages.
Habit and custom determine economic activities in a?
Traditional Economy
What is a good word sentence using the word traditional economy?
china is not a traditional economy now. It has emerged as mix economy.
What are the three types of economy?
Command economy, market economy, and traditional economy. The United States of America is a Market economy.
When did traditional economy start?
Traditional economy has been around since the dawn of man!!!!
What Characteristics of a buoyant economy?
Six characteristics of buoyant economy
What type of economy does the honduras's have?
A traditional economy.
What is the type of economy for Bahrain?
traditional economy
What is the smallest type of economy?
Traditional economy
What are the 4 economic systems?
The four types of economic systems are the traditional economy, the market economy, the command economy, and the mixed economy. Of these, the traditional economy is the most basic.
