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

You should research how a traditional economy works and see if there are any things you can learn from it.

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New Guinea has a traditional economy since most tribesmen hunt their own pigs while others grow what they can to survive.

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It was a traditional economy and not the type I was used to because they used a lot of different things, like primitive tools.

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