Traditional Economy?
What is a Traditional Economy?
Written by J. Mance Gordon
Updated at April 23rd, 2024
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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.
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