This type of economy is known as a traditional economy, where production is based on customs, traditions, and beliefs that have been passed down through generations. People in traditional economies rely on hunting, gathering, farming, or other traditional methods of production to meet their basic needs. The allocation of resources and production decisions are typically determined by social norms and values, rather than by market forces or government regulations. In a traditional economy, the knowledge and skills required for economic activities are often acquired through informal education within the family or community.
