Traditional economies mainly revolve around the customs, beliefs and traditions of the community. Such economies shape their goods and services to suit cultural practices, religious beliefs and family customs.Continue Reading
Communities involved in this type of economy are likely to use primitive tools and techniques to produce food or other requirements. Most of the communities that engage in this kind of economy largely depend on farming, hunting and gathering as the main means of survival.
Today, there are several communities that still practice this type of economy across the globe. These communities include the Pygmies of the Congo forest, the Inuit of the Arctic region and the people of South India.Learn more about Economics