According to Econedlink.org, traditional economies are found in parts of the Middle East, Asia, Africa and South America. Traditional economies are found in developing countries; many of these countries rely on gathering, hunting and farming. These countries have an economic system that involves cooperative decisions in social communities based on tradition or customs. The people that live in these countries work collectively to meet daily needs and produce goods.Continue Reading
About News explains that there are three characteristics that define traditional economies. There are areas within the Middle East, Asia, Africa and South America that meet several of these characteristics. The first characteristic requires the country to use gathering, fishing, agriculture or hunting as the primary method of sustaining the economy. The second characteristic requires the country's economy to be guided by religion or tradition. The third characteristic requires the country to use a barter system more frequently than money.
About News adds that the areas in these countries with a traditional economy appear to live in poverty; however, these countries meet and exceed daily needs. Many of these countries are considered third-world countries and are located in developing markets. Econedlink.org explains that although these countries are particularly notorious examples of traditional economies, there are areas with traditional economies around the world.Learn more about Economics