What is a traditional econemy?

Answer 1

A traditional economy is an economic system that relies on customs, traditions, and cultural practices to make decisions about production and distribution. It typically involves subsistence farming, barter trade, and the use of local resources, with minimal reliance on technology or market forces. In such economies, roles and responsibilities are often determined by family lineage or community practices, and change occurs slowly over time. Examples can be found in indigenous communities and rural areas where traditional practices are maintained.