What is a traditional economy?
Traditional economy is an economy in which products & goods are produced as a result of traditions,customs & beliefs.It is usually underdeveloped with minimal economic growth.It is often found in developing countries; many of these countries depend on farming.These countries have an economic system that involves co-operative decisions in social communities based on tradition or customs. These countries use a barter system more frequently than money.
Please add some lines if anybody have an idea about it.Thanks.
