What Are Characteristics of a Traditional Economy?

By Staff WriterLast Updated Apr 2, 2020 7:08:51 AM ET
characteristics-traditional-economy
Brent Winebrenner/Lonely Planet Images/Getty Images

A traditional economy is an economic system where customs, traditions and beliefs determine the goods and services created by the society. It is dependent on agriculture, hunting and gathering, fishing or any combination of the above. Also called a subsistence economy, it may involve use of barter trade instead of currency.

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