An economy in which customs and habits from the past are used to resolve most economic issues of production and distribution.
A system wherein economic decisions that people and groups make to answer the basic economic questions of “what”, “for whom” and “how” generally repeat the decisions made at an earlier time or by an earlier generation.
A mode of economic organization which borrows economic decisions made at an earlier time or by an earlier generation
production and distribution decisions are largely determined by the way things have been done in the past. There is little money. These economies are usually found in remote parts of Africa, Asia, Latin America and the Middle East where people are engaged in agriculture, fishing or hunting.
an economy where the who, what, and for whom questions are answered by tradition.
A traditional economy is an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools. It is strongly connected to subsistence farming. In the majority of countries traditional economy has been replaced by command economy, market economy or mixed economy.