What is a Traditional Economy?

A Traditional Economy is where the distribution of scarce resources (goods and services within the economy) are distributed or allocated based upon historical practice, custom, belief, etc. 

Individuals tend to stay within family professions. Individuals consumer much of what they produce. There tends to be very little economic progress or development.

Related Topics

• Economics
• Scarcity in Economics 
• Division of Labor
• Microeconomics
• Macroeconomics
• Theory and Models 
• Traditional Economy
• Command Economy
• Centrally Planned Economy
• Market Economy
• Free Market Economy
• Collaborative Economy
• Private Enterprise
• Mixed Economy
• Underground Economy
• Black Economy
• Government Market Regulation
• Capitalism
• Conscious Capitalism
• Communism
• Centrally Planned Economy
• Socialism
• Marxism
• Egalitarianism
• Plutocracy
• Neoliberalism
• Underground Economy
• Black Economy
• Globalization
• Imports and Exports
• Gross Domestic Product
• Fiscal Policy
• Social Economics
• Positive Economics
• Mathematical Economics
• Constitutional Economics
• Labor Economics
• Organizational Economics
• Development Economics
• Behavioral Economics
• Environmental Economics
• Evolutionary Economics
• True-Cost Economics
• Managerical Economics
• Experimental Economics
• Welfare Economics
• American Economic Association