Question

This is the term used to describe economic systems in which the basic economic questions are answered based on a socially, pre-established way.

Answer 1

Traditional economy is the term used to describe the economic systems in which the basic economic questions are answered based on socially, pre-established way.

Traditional economy relies on social customs and traditions which help shape the goods and services the economy produces, as well as the rules and manner of their distribution. The economy is primitive and is mostly involves farming and other primary activities.

Answer 2

Traditional economy is most accurate.