• Answer:-

    A traditional economy is one where customs, traditions, and beliefs shape the goods and services produced. These economies often rely on agriculture, hunting, fishing, and barter systems, passing down methods through generations. They are usually found in rural and farm-based areas. In a traditional economy, roles and economic activities are defined by the community and its cultural heritage, leading to strong social cohesion. While they might lack the technological advancements of modern economies, traditional economies can be sustainable and efficient for the communities that use them, preserving cultural heritage and maintaining ecological balance.

May 28 2024

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