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focuses on direct trade, has no competition,
and relies on customs.*
Command Economy
Mixed Economy
Market Economy
Traditional Economy

User Ekaerovets
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1 Answer

8 votes

Answer:

Traditional economy

Step-by-step explanation:

"Traditional economy" relies on tradition when it comes to its business transactions. It is common in non-developed and some developing countries where the markets are still emerging. It relies on hunting, fishing, farming and gathering. It doesn't use money, instead it relies on the system of "barter." This kind of economy doesn't have a competition and it solely follows the economic group's custom and tradition. No profit is gained here because the goal of the group is only "to survive."

User Robert Muehsig
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