How can you best describes a traditional economy?

Answer 1

A traditional economy is an economic system where decisions are based on customs, beliefs, or religion within a social community. People work together to produce goods to meet their needs, and share with family. They trade with their community/family with their excess.

Answer 2

people in traditional economies accept change easily

A traditional economy is a very underdeveloped economy that often depends on agriculture as its main base. Perhaps hearkening back to its agrarian roots, a traditional economy is also known as a subsistence economy.

In order to fully understand a traditional economy, it is necessary to first define the three main economic systems. Market economies are so called because prices are determined by market prices. In command economies, prices and supplies are determined by the government. In traditional economies, there may be no prices whatsoever.

A traditional economy is a system where traditions, customs and belief systems determine its operation. In that state, this type of economic system may go unchanged for quite some time. Once this economy does begin to change, it usually morphs into one of the other systems mentioned previously.

One of the unfortunate hallmarks of a traditional economy is its relation to poverty. Indeed, most of those inside of such a system find themselves mired in poverty their entire lives. This is significant. In his book titled Capitalism at the Crossroads, Stuart L. Hart notes that 4 billion people may be trapped in traditional economies.

While there may be no nation on Earth today that has a purely traditional economy, the sheer number of the world's population in such economic systems indicates there are wide swaths of the world population in "sub-economies," primarily in the Third World.

Though these economies may not be the official standard for the country, they do tend to keep any available wealth in the hands of a very few. In many cases, a traditional economy may have no official currency whatsoever. The economy works through bartering and trading, and there is very little of that because so little surplus is produced. In traditional economies, most produce only enough to keep their families alive. Any surplus in a traditional economy may go to a landowner or ruling authority.

The businesses make the decisions.

tyre palmer

Answer 3

Decision are made based on what has been done in the past. People organize their economic choices following custom and tradition.

Answer 4

Traditional Economy- IS IT BASED ON CUSTOM AND HABBITS AND TRADITION THEY USE METHODS TO HARVEST AND HUNT FOR FOOD TRADITIONAL ECONOMICS ARE FOUND IN RURAL REGIONS/RURAL AREAS

Answer 5

The local Boys & Girls Club would be a great place for summer camp! They offer many programs and lots of other kids.

Answer 6

An economy based on custom or tradition.

Answer 7

A continus cycle of jobs