Question

Describe how a traditional economy works in a society that has this kind of economy.

Answer 1

[traditional economy: an economic system in which decisions about production and consumption are based on custom and tradition] , custom and tradition dictate what to produce, how to produce it, and for whom.

Answer 2

A regular economy is a system on history and long time honored beliefs. Tradition guides economic decisions such as production and exporting. Societies with regular economies depend on farming, fishing, hunting, gathering, or some combination of them.

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