Traditional Economic System?


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.
Q&A Related to "Traditional Economic System?"
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
Decision are made based on what has been done in the past. People organize their economic choices following custom and tradition.
A traditional economy is a system where traditions, customs and belief systems
The three economic systems are communism, capitalism and free enterprise. In communism the state pretty much controls the people. In capitalism monopolies are formed. In free enterprise
1 Additional Answer 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, 400 million people still use traditional economic... More »
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