World Economic Systems Questions
A traditional economic system is a system where economic decisions are based on customs, traditions, and beliefs that have been passed down through generations. In this system, individuals and communities rely on agriculture, hunting, fishing, and gathering to meet their basic needs. Economic activities are often centered around subsistence farming and bartering, with little to no use of modern technology or monetary exchange. The allocation of resources and distribution of goods and services are determined by social customs and cultural norms rather than market forces or government intervention.