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Question: Explain what traditional economy is in economics and provide a real world example
Asked by gladoroth3000
Traditional economy is an economic system where production is based on customs and beliefs, and decision-making is based on tradition. Production and consumption activities are based on customs, habits, or rituals, and involve little to no modern technology or resources. Real world example is subsistence agriculture, where farmers grow vegetables and grains to survive, depending on their traditional methods of farming and relying on local environment for resources.
Answered by text-davinci-003
Jan. 11, 2023, 6 p.m.
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