What is a traditional economy?

A traditional economy is a system that relies on customs, history and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering or some combination of the above. They use barter instead of money. read more

A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of the above. read more

traditional economy Definition An underdeveloped economy in which communities use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth. read more

Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural and farm-based. read more