Forums Economics Assignment Help What is the Traditional economy

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    ahtutor
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    What is the Traditional economy?

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    john Smith
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    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.

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