Traditional Economic System?

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A traditional economic system is used often in rural and farm-based areas. It is a system where traditions, beliefs and customs shape the good and products that are created. This is also known as subsistence economy.
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The history of traditional economic systems is the story of organic modes of exchange in closely knit communities. This was the dominant mode of exchange since Neolithic (early agricultural
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Decision are made based on what has been done in the past. People organize their economic choices following custom and tradition.
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A traditional economy is a system where traditions, customs and belief systems
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1)Traditional economies are found in rural, non-developed countries 2)Some parts of Asia, Africa, South America and the Middle East have traditional economies 3)Customs govern the
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Ask.com Answer for: Traditional Economic System
What Is a Traditional Economic System?
A traditional economic system is one that is built on time-tested modes of exchange and commerce, such as agriculture and direct trade with community members and neighbors. According to EconomyWatch.com, 400 million people still use traditional economic... More »
Source: www.ehow.com
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