How does a traditional economy answer the basic question how should it be produced?

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2026-03-11 21:40

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In a traditional economy, the question of how goods and services should be produced is typically answered based on established customs, practices, and methods passed down through generations. Production techniques are often simple and rely on community practices and available resources, emphasizing sustainability and local needs. This approach may prioritize manual labor and traditional skills over modern technology. Consequently, the production process reflects the values and social structures of the community.

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