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  1. Sep 23, 2021 · So, what exactly is a traditional economy? Well, a traditional economy is that in which customs, traditions, and beliefs are rich in developing the goods and services for the area. In other words,...

  2. A traditional economy is an economic system that relies on cultural customs and ancestral traditions to determine what is produced, how it is produced, who produces it, and how it is distributed. Detailed Explanation: Imagine living in an economy where there are no stores. If your family needs meat, someone hunts.

  3. Oct 29, 2018 · A traditional economy is modeled on how a community actually lives, dependent on geography, culture, hierarchy, and tradition. A traditional economy is modeled upon age-old means of production,...

  4. May 29, 2022 · A traditional economy is a system where traditions, customs, and beliefs shape the goods and products the society creates. Countries that use this type of economic system are often rural and farm-based. Also known as a subsistence economy, a traditional economy is defined by bartering and trading.

  5. Mar 24, 2022 · The economy is made of three things: all of the people making things, all of the people using things, and all of the buying and selling of those things. If one country doesn’t make very much and doesn’t sell very much, everyone has less stuff and less money—that’s when people see the economy as “bad.”

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  7. Traditional - A traditional economy is typically based on bartering, trading, and farming. The economy is largely determined by how things have been done in the past with little change. People in traditional economies tend to do the same jobs as their parents.

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