Final answer:
A traditional economic system is prevalent in certain regions of Asia, Africa, and South America, deeply rooted in custom and tradition, with occupations passed down through families, and very little economic progress due to the adherence to time-honored practices.
Step-by-step explanation:
Traditional Economic System
Cultures that have a traditional economic system are often found in parts of Asia, Africa, and South America, where economic activities are structured around long-standing practices and customs. In these societies, occupations tend to be hereditary, with most individuals becoming farmers like their ancestors. These farmers cultivate the land using traditional methods.
Such economies are characterized by the principle that what one produces is directly used for one's own consumption, limiting the scope for trade and economic growth. Due to the strong adherence to tradition, these economies experience very little in the way of progress or development, as there is a general resistance to change and innovation.