Explain about the term traditional economytraditional, Ask an Expert

Economics

Explain about the term Traditional Economy.

Traditional economy:

It is where decisions regarding what, how and for whom to produce are based onto tradition and custom. As like an example, men follow the occupation of their father as for example, farmer while women are normally homemakers preparing meals. Land is normally held into common that is private property is not well described.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9579705

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