traditional economy

Definition

An underdeveloped economy in which communities use primitive tools and methods to harvest and hunt for food, often resulting in little economic growth. Traditional economies are often found in rural regions with high levels of subsistence farming. Countries that evolve their economies past the traditional level often develop into market economies or command economies.

Use traditional economy in a sentence

Many places that are deemed third-world countries are considered traditional economies because they are unindustrialized and rely heavily on primitive tasks of farming and hunting and gathering.

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