Question

An economy based on cultural and traditional values is common among isolated and developing regions of

the world and is typically referred to as what kind of economy?
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Otraditional
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Answer 1

A traditional economy is an economic system based on cultural and traditional values in isolated and developing regions of the world, where customs, rituals, and longstanding practices shape production, distribution, and consumption.

Step-by-step explanation:

An economy based on cultural and traditional values is typically referred to as a traditional economy.

In isolated and developing regions of the world, especially those with limited access to modern technologies and external influences, traditional economies are common. These economies are primarily driven by customs, rituals, and longstanding practices that form the basis of production, distribution, and consumption.

For example, indigenous communities in remote areas may rely on subsistence farming, hunting, and fishing, as well as bartering and communal sharing, to meet their needs. Traditional economies often prioritize community well-being and sustainability over individual profit.

Learn more about Traditional economy