Question

In one paragraph, describe a day for someone who works for a business in a Traditional economy.

Answer 1

A traditional economy is a system that relies on customs, history, and time-honored beliefs. Tradition guides economic decisions such as production and distribution. Societies with traditional economies depend on agriculture, fishing, hunting, gathering, or some combination of them. They use barter instead of money.

Answer 2

In a traditional economy, what is produced is never more than what is required. Commercial transactions are crude and done by barter. The Traditions gained from the elders, handed down from generation to generation by memory, forms the basis for daily decisions. You'd find that many of these economies are tribal in nature. They are mostly nomads and or hunters. One who works for business in a Traditional economy is most likely going to trade using the barter system, help with hunting or tending the animals.

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