Which of the following best describes a Traditional Economy?

A Traditional Economy is best described as one that is rooted in customs and historical practices. In this type of economy, people engage in production and consumption based on long-standing traditions and cultural practices rather than through modern technology or market fluctuations. Economic roles and practices are often passed down through generations, which results in a system that emphasizes subsistence farming, hunting, gathering, and other activities that reflect local traditions.

This economic structure typically features limited use of modern machinery or innovative processes, focusing instead on methods and goods that have been established over time. It contrasts sharply with economies driven by market forces or those that prioritize technological advancement, as Traditional Economies are often found in rural or less-developed areas where community and culture play significant roles in economic activities.