Final answer:
The earliest economies were based on a self-sufficient, subsistence lifestyle, with traditional economic systems prevailing where what one produced was primarily for personal consumption. Over time, simple barter and the concept of money evolved, leading to more complex economic structures.
Step-by-step explanation:
The earliest economies, including bands and tribes, were primarily based on a self-sufficient, subsistence lifestyle. These small, kin-based groups subsisted through hunting, gathering, and later on, basic forms of agriculture. As the Agricultural Revolution took place, the first true economies emerged with people beginning to raise crops and domesticate animals.
Early economies were characterized by traditional economy systems, which organized economic affairs based on long-standing practices. In traditional economies, occupations frequently remained within the family, and what was produced was primarily for personal consumption rather than trade or sale. Such economies often had minimal economic progress or development since they were steeply rooted in tradition.
While simple barter and trade with neighboring groups did exist, they were not as prevalent due to the scarcity of goods, which made direct exchanges challenging. With time, however, as societies developed and the concept of money as a means of exchange was introduced, more complex economic structures began to form, evolving into the diverse economic systems we recognize today.