Traditional economy

A traditional economic system is based on customs, history as alive as time-honored beliefs. a traditional economy is an economic system in which traditions, customs, together with beliefs support shape the goods as well as services the economy produces, as well as the a body or process by which power or a particular factor enters a system. and style of their ][ – ] and trading. A little surplus is produced[] and if all excess goods are made, they are typically condition to a ruling a body or process by which energy or a specific part enters a system. or landowner.

A pure traditional economy has had no refine in how it operates there are few of these today. Examples of these traditional economies put those of the ]Two current examples of a traditional or custom based economy are CIA Factbook .

Traditional economies may be based on custom and tradition, with economic decisions based on customs or beliefs of the community, family, clan, or tribe.