In which type of economy do people make economic decisions based on their groups ancestral Customs Customs or ways of life

Answer 1

In an economy where people make economic decisions based on their group's ancestral customs or ways of life, it is referred to as a traditional economy. In a traditional economy, practices, traditions, and customs dictate how goods and services are produced, distributed, and consumed. It often relies on agriculture, hunting, gathering, or fishing, with families or communities working together based on long-established practices. This type of economy emphasizes community and cultural heritage over market forces or individual profits.