Answer:-
A traditional economy is a system where people rely on customs, history, and time-honored beliefs to make economic decisions. It often involves farming, hunting, fishing, or barter, with little use of money or modern technology. Resources are typically owned and managed by families or tribes, and roles are passed down through generations. Traditional economies are usually found in rural or developing areas and focus on meeting basic needs rather than profit. While they offer stability and a strong sense of community, they may struggle with growth, innovation, and adapting to change in a rapidly modernizing world.
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