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Traditional Economics

Traditional Economic System

The most conventional and ancient types of economies in the world are the traditional economic system. Large portions of the world’s financial ecosystem still follow traditional financial system. These areas are rural, second world or third world, and closely united to the land, normally through farming. In this type of economic system, a surplus would be unusual. Every member of a traditional economy has a specific and well-pronounced role, and this society intends to be very close-knit and socially happy. However, they have limited access to technology and advanced medicine.

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