Explain how a Traditional Economy works and give an example of one.

Question

1-2-3 sentences

Answer 1

A traditional economy is centered around customs, traditions, and rituals that determine how resources are allocated and goods are produced. It typically relies on agriculture, hunting, fishing, and gathering as main economic activities. One example of a traditional economy is the Inuit communities in the Arctic, where hunting and fishing practices have been passed down for generations and continue to form the basis of their economic system.

Answer 2

make that smaller

Answer 3

A traditional economy is based on customs and traditions that dictate resource allocation and production methods. The Inuit communities in the Arctic are an example of a traditional economy, relying on hunting and fishing as their primary economic activities.

Answer 4

Make it a complete sentence

Answer 5

A traditional economy operates based on customs and traditions, such as the Inuit communities in the Arctic who rely on hunting and fishing as their main economic activities.