Q:

What are traditional economic systems?

A:

Traditional economic systems are economies based on dissemination of resources, products and goods based on rituals, routines and customs. Some nations have traditional economies, while traditional economies exist regionally or locally in other places. Regardless of whether local or national, traditional economies revolve around the production and exchange of simple, staple goods such as food and clothing.

Numerous economic activities contribute to the success of traditional economic systems, although farming, hunting and gathering rank among the most common modes of economic production. These practices typically remain in families for generations, with the family producing basic supplies for themselves, and generating a small income by selling the surplus supplies.

Sources:

  1. econedlink.org

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