Forums Economics Assignment Help What is the Traditional economy

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
  • #15399

    What is the Traditional economy?

    john Smith

    Answer: Goods and services are produced by the family for their personal consumption in a traditional economy. In this the resources are allocated according to long-lived practices from the past. There is little surplus and little trade required in traditional market. There is only a limited need for markets (places to buy and sell goods and services). A traditional economy is the type of economy found in less developed nations, usually in rural areas and required only a limited.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.