Traditional economy is a
a) Subsistence economy
b) Market economy
c) Command economy
d) Monetary economy
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Traditional economy is basically subsistence economy where the market does not have a monetary value.
In fact the wealth that constitutes the subsistence economy is basically determined by the individual or their family's ability in providing themselves with different resources.
Traditional economy was basically defined by the bartering system that prevailed in it.
A little amount of surplus is produced and if any excess goods were made, they would be given away to the landowner.
In fact the wealth that constitutes the subsistence economy is basically determined by the individual or their family's ability in providing themselves with different resources.
Traditional economy was basically defined by the bartering system that prevailed in it.
A little amount of surplus is produced and if any excess goods were made, they would be given away to the landowner.
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Answer:
Subsistence economy is also known as Traditional economy
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